On Tuesday, the Biden administration banned imports of Russian gold into the United States
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| US President Bans Russian Gold Import to the US |
as part of a wave of new sanctions imposed by Washington and its allies over the war between Russia and Ukraine
The US Treasury has announced that the Office of Foreign Assets Control (OFAC) is now banning the import of gold from Russia. The United Kingdom, Canada, and Japan made a similar decision, the day after the G7 summit in Germany.
The US Treasury also imposed sanctions on 70 other Russian entities and 29 Russian nationals as part of an effort to cripple Russia's industrial defense base.
"We reaffirm once again our commitment to working alongside our partners and allies to impose additional tough sanctions in response to Russia's war on Ukraine," Treasury Secretary Janet Yellen said in a statement.
"Targeting the Russian defense industry will weaken Putin's capabilities and further impede his war against Ukraine, which has already been plagued by low morale, supply chains, and logistical failures," Yellen said.
The Treasury said the ban on gold mining in Russia does not apply to minerals located outside Russia ahead of Tuesday's announcement.