August 17, 2022

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US uses G7 sanctions against Russian military and gold industry – News



The United States began applying new sanctions against Russia on Tuesday, agreeing with other members of the G7 to include a ban on gold imports from Russia, targeting the Russian military.

The rules “strike the heart of Russia’s ability to develop and use the weapons and technology used in Vladimir Putin’s brutal war of aggression against Ukraine,” the Treasury Department said in a statement.

The Treasury said sanctions targeted the Russian state-owned army Rostek and other key defense agencies, military units and officials involved in the scandal in Ukraine.

“We reaffirm our commitment to work with our allies and allies to impose tough additional sanctions in response to Russia’s war on Ukraine,” said Treasury Secretary Janet Yellen.

“The actions of G7 members this week further restrict the Russian Federation’s access to critical technology for its armed forces,” Yellen said.

These measures freeze the assets of 70 companies and 29 individuals, preventing them from conducting financial transactions with US companies.

In addition, the United States seeks to prevent US, Japanese and European security elements from seeking to impose sanctions on Russian individuals.

The Treasury says Washington has banned the import of gold from Russia, the country’s main exporter behind hydrocarbons, as part of sanctions agreed with the G7. The move would exclude gold already out of Russia.

The United States has also raised taxes on more than 570 Russian products.

“These measures are being carefully measured to reduce spending on the US consumer while imposing costs on Russia,” said Secretary of State Anthony Blinken.

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