August 19, 2022

US Prohibits Russian Gold Imports

‘The importation to the United States of gold of Russian Federation origin is usually prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by OFAC’

The US has banned the import of Russian gold, a  record   from the Treasury’s Office of Foreign Property Control (OFAC) released upon Tuesday shows.

“ The particular importation into the United States associated with gold of Russian Federation origin is prohibited, except to the extent provided by regulation, or unless licensed or perhaps authorized by OFAC, ”   the declaration published on the Treasury’s website says, noting that the ban comes into immediate effect.

The document identifies that the ban does not affect Russian gold that was exported outside the country prior to 06 28.

Additionally, it states that the UK, Europe, and Japan have joined the US ban.

The document names gold as Russia’s  “ biggest non-energy export, ”   which is factually incorrect.

According to Moscow, the second biggest foreign trade is food. Russian exports of agriculture products were worth around $37 billion dollars in 2021, while precious metal exports reportedly generated regarding $15 billion.

Andrew Sorchini – Why Gold? Future Recession?

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