Biden administration bans Russian gold imports
The U.S. Treasury moved to impose further sanctions agreed upon at the G7
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The Biden administration banned Russian gold imports to the U.S. on Tuesday as part of a wave of further sanctions from America and allied nations over Vladimir Putin's ongoing invasion of Ukraine.
The U.S. Treasury announced its Office of Foreign Assets Control (OFAC) now prohibits the importation of gold from Russia, a move President Biden said was coming after the Group of Seven (G-7) leaders agreed each nation would ban Russian gold from coming into their countries with the aim of further punishing the Kremlin.
President Joe Biden (Photo by Drew Angerer/Getty Images / Getty Images)
The Treasury also sanctioned another 70 Russian entities and 29 Russian citizens as part of an effort to cripple Russia's industrial defense base.
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"We once again reaffirm our commitment to working alongside our partners and allies to impose additional severe sanctions in response to Russia’s war against Ukraine," Treasury Secretary Janet Yellen said in a statement.
US Treasury Secretary Janet Yellen speaks to journalists on the sidelines of a meeting of finance ministers and central bankers from the Group of Seven industrialised nations (G7) on May 18, 2022 in Koenigswinter near Bonn, western Germany. (Photo by INA FASSBENDER/AFP via Getty Images / Getty Images)
"Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation’s access to technology that is critical to their military," Yellen continued. "Targeting Russia’s defense industry will degrade Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures."
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The move comes 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.
First lady Jill Biden (Photo by Chip Somodevilla/Getty Images / Getty Images)
G-7 countries, which include 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.
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According to the White House, gold has been the second-largest export for Russia behind energy in recent years. So, Western countries are now seeking 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.
FOX Business' Landon Mion contributed to this report.