The Biden government banned the import of Russian gold to the United States on Tuesday as part of a wave of further sanctions by the United States and its allies over Vladimir Putin’s continued invasion of Ukraine. The US Treasury Department has announced that its Office of Foreign Assets Control (OFAC) is now banning gold imports from Russia, a move President Biden said came after the G-7 leaders agreed that every nation will ban the entry of Russian gold. their countries with the aim of further punishing the Kremlin. President Joe Biden (Photo by Drew Angerer / Getty Images / Getty Images) The Ministry of Finance also imposed sanctions on 70 other Russian entities and 29 Russian citizens as part of an effort to mutilate Russia’s industrial defense base. G7 leaders make fun of PUTIN WITHOUT SHIRT AT LUNCH SESSION “We reaffirm our commitment to work with our partners and allies to impose additional severe sanctions in response to Russia’s war against Ukraine,” said Finance Minister Janet Yellen. US Treasury Secretary Janet Yellen speaks to reporters on the sidelines of a meeting of finance and central bank ministers from the Group of Seven (G7) on May 18, 2022 in Koenigswinter near Bonn, West Germany. (Photo by INA FASSBENDER / AFP via Getty Images / Getty Images) “The broad multilateral commitments and actions of G7 members this week have further curtailed the Russian Federation ‘s access to technology that is critical to their military,” Yellen continued. “Targeting the Russian defense industry will undermine Putin’s capabilities and further hinder his war against Ukraine, which is already plagued by bad morals, broken supply chains and logistical failures.” UKRAINE EXPORTS EUROPEAN ENERGY MARKET AS STARTS ELECTRIC EXPORT Kyiv The move comes as Russia has responded with expanded sanctions against several US 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) The G-7 countries, which include France, Germany, the United Kingdom and others, worked in concert to impose sanctions on Russia, targeting in particular Russia’s oil and gas industry, which is the backbone of its economy. . GET FOX BUSINESS IN ENGINE BY CLICKING HERE According to the White House, gold was the second largest export to Russia after energy in recent years. Thus, Western countries are now seeking to cut 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.
