OFAC Sanctions Russian Precious Metals Companies

The U.S. Treasury's Office of Foreign Assets Control has placed three Russian metal producers on its Specially Designated Nationals list, which means it is now illegal for U.S. companies or its citizens to have direct dealings with them. 

Useful link:

https://ofac.treasury.gov/recent-actions/20230720

Treasury Sanctions Illicit Gold Companies Funding Wagner Forces And Wagner Group Facilitator

There are numerous risks connected to the gold industry including conflict and terror financing, money laundering activities, sanctions evasion, human rights and labor rights abuses, and environmental degradation. Individuals and entities engaged with the gold sector---whether as miners, traders, refiners, exporters, users, consumers, financial institutions, or otherwise----should carefully review these risks and ensure they conduct enhanced due diligence to address these risks. The Treasury Department's Office of Foreign Assets Control report is a must read.

Useful link:

https://home.treasury.gov/news/press-releases/jy1581

The United States Of America And G-7 Ban Russian Gold

President Joseph R.Biden, along with the other members of the Group of Seven (G-7), has announced a collective ban on the import of Russian gold at the 48th annual G-7 summit in Schloss Elmau, Germany. Russia is generally considered the world's second largest gold producer. The U.S. Treasury has prohibited the import of Russian Federation-origin gold into the United States with immediate effect, unless licensed or otherwise by the Office of Foreign Assets Control (OFAC).

Useful links:

https://www.lbma.org.uk/good-delivery/gold-current-list

https://jvclegal.org

https://home.treasury.gov/system/files/126/determination_06282022_eo14068.pdf

OFAC Places Sanctions On Three Burmese Gem Companies

The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has placed sanction on Myanmar Ruby Enterprise, Myanmar Imperial Jade Co, and Cancri Gems and Jewellery Co following the recent military coup in Myanmar. I don't think the sanctions will work in Burma, especially with gems. Ask the Chinese and Thais.

Useful link: https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/11/fact-sheet-biden-harris-administration-actions-in-response-to-the-coup-in-burma