Russian gold imports have been prohibited by US officials, according to a statement from the US Treasury.
Except if permitted by law or in the possession of a license issued by the Office for Foreign Assets Control of the US Department of the Treasury, there is an immediate ban on Russian gold in the US.
The US, together with the UK, Canada, and Japan, is placing limits on Russian gold, the nation’s largest non-energy export, as was said during the G7 conference, according to the Treasury.
All Russian gold that has been exported outside of Russia as of today, June 28, is exempt from the new ban.
US President Joe Biden announced the administration’s intention to prohibit the import of Russian gold on June 26.
In a tweet posted early on Sunday, Biden noted that gold is “a significant export that rakes in tens of billions of dollars for Russia” and that “the United States has put unprecedented penalties on Putin to deny him the cash he needs to fund his war against Ukraine.”
According to the UK government, one of Russia’s primary export goods, gold brought in £12.6 billion (or $15.45 billion) for the nation’s federal budget in just one year.
According to British authorities, the demand from “oligarchs” looking to dodge the financial repercussions of international sanctions has increased the value of gold for the Russian elite in recent months.