Biden bans Russian gold imports to US as part of sanctions

The Biden administration banned Russian gold imports to the US on Tuesday as part of a wave of sanctions from America and allied nations over Vladimir Putin's ongoing invasion of Ukraine.

President Biden said that the Office of Foreign Assets Control OFAC now prohibits the importation of gold from Russia, as a result of the Group of Seven G-7 leaders deciding that each nation would ban Russian gold from entering their countries, with the aim of punishing the Kremlin.

The Treasury also sanctioned another 70 Russian entities and 29 Russian citizens as part of an effort to cripple Russia's industrial defense base.

Treasury Secretary Janet Yellen said in a statement that we reaffirm our commitment to working together to impose additional severe sanctions in response to Russia's war against Ukraine.

Broad multilateral commitments and actions by G 7 members this week have further cut off access to technology that is critical to the Russian military, Yellen said. Russia's defense industry will be targeted and impedes his war against Ukraine, which has already been plagued by poor morale, broken supply chains and logistical failures. The move came as Russia hit back with expanded sanctions of its own against several U.S. citizens, including first lady Jill Biden, first daughter Ashley Biden, and Senate Minority Leader Mitch McConnell.

G- 7 countries, including France, Germany, the U.K., and others, have worked in coordination to impose sanctions on Russia, and particularly targeted Russia's oil and gas industry, which is the backbone of its economy.

According to the White House, gold has been the second-largest export for Russia behind energy in recent years. Western countries are now trying to cut off the market for Russian gold, which G-7 leaders say has served as a vehicle for Russian oligarchs to move wealth out of the country and circumvent existing sanctions.