• Treasury Department also announced sanctions on 70 Russian companies
The US Treasury Department announced on Tuesday that the US and some of its G7 partners will prohibit imports of Russian gold.
Other than the US, ban on Russian gold, which is second largest export sector after energy, will be implemented by the United Kingdom, Canada and Japan.
Treasury Department also announced sanctions on 70 Russian companies critical to the country’s defense industrial and manufacturing base.
“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,” said Treasury Secretary Janet Yellen in a press release.
US President Joe Biden had earlier said that G7 nations will prohibit the import of Russian gold to put pressure on Moscow’s economy.
Picture Credits: Reuters
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