US bans imports of Russian gold

The UK, Canada and Japan are said to have joined the ban

The United States has banned the import of Russian gold, according to a Treasury Office of Foreign Assets Control (OFAC) document released on Tuesday.

“The importation into the United States of gold from the Russian Federation is prohibited except to the extent provided by law, or unless licensed or otherwise authorized by OFAC,” says the statement posted on the Treasury’s website, noting that the ban takes effect immediately.

The document clarifies that the ban does not apply to Russian gold that was exported out of the country before June 28.

It also says the UK, Canada and Japan have joined the US ban.

The document designates the gold as the gold of Russia “the largest non-energy export”, which is factually incorrect.

According to Moscow, the second biggest export is food. Russian exports of agricultural products were worth about $37 billion in 2021, while gold exports are estimated to have generated about $15 billion.

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