US Bans Importation of Gold of Russian Origin in Latest Round of Sanctions
Published: Jun 29, 2022 09:35 AM
Gold products are seen at a jewelry store in Ankara, Turkey, on Feb. 14, 2022. Photo: Xinhua
Gold products are seen at a jewelry store in Ankara, Turkey, on Feb. 14, 2022. Photo: Xinhua

The US government has banned the importation of gold of Russian origin in the United States as part of its latest round of anti-Russia sanctions, the Treasury Department Office of Foreign Asset Control (OFAC) said in a press release on Tuesday.

"The Director of OFAC, in consultation with the Department of State and the Department of Commerce, determined that the prohibitions of section 1(a)(i) of E.O. 14068 shall apply to gold of Russian Federation origin, with immediate effect," the release said. "As a result, the importation into the United States of gold of Russian Federation origin is prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by OFAC."

This determination excludes gold of Russian Federation origin that was located outside of the Russian Federation prior to Tuesday's decision, the release said.

In a separate development, the United States has authorized transactions with some previously blocked Russian entities in order to ensure safety of civil aviation.

"[A]ll transactions ordinarily incident and necessary to the provision, exportation, or reexportation of goods, technology, or services to ensure the safety of civil aviation involving one or more of the blocked entities listed in the Annex to this general license and that are prohibited by Executive Order (E.O.) 14024 are authorized," the Treasury Department said in a statement.

The authorization also includes all previously prohibited transactions that are ordinarily incident and necessary to the divestment or transfer of debt or equity of Public Joint Stock Company Severstal or Nord Gold PLC, or any entity Severstal or Nord Gold owns purchased prior to June 2.

The authorization is provided upon the condition that any divestment or transfer, or facilitation of divestment or transfer, of covered debt or equity must be to a non-US person by August 31, the statement added.

In addition, the Treasury Department authorization includes all transactions involving the Russian Federal Security Service, according to the statement.