The Latest Round of US Sanctions Strike Russian Gold

On Tuesday, the U.S. Treasury Department Office of Foreign Asset Control (OFAC) said Russian gold had been banned by the current administration as part of the latest sanctions against the Kremlin.

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"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 the gold of Russian Federation origin, with immediate effect," said the announcement. "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."

The decision prohibits the entrance of gold of Russian Federation origin put on the market before Tuesday's decision. On the other hand, the U.S. administration has approved transactions with some previously blocked Russian entities to ensure the safety of civil aviation.

According to the Treasury Department, "all 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."

All previously banned 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 before June 2 are included in the authorization.