As Approved by the G7 Leaders, the US Implements New Russia Restrictions on Gold and Defence

Washington took efforts to execute fresh sanctions against Russia which were agreed upon by G7 leaders on Tuesday, targeting Moscow's defence industry, hiking tariffs, and prohibiting gold imports from the country. The latest steps strike at the heart of Russia's ability to produce and deploy weaponry and technology utilised in Vladimir Putin's horrific war of aggression against Ukraine, according to a declaration published by the US Treasury Department.

Washington took efforts to execute fresh sanctions against Russia agreed upon by G7 leaders on Tuesday, targeting Moscow's defence industry, hiking tariffs, and prohibiting gold imports from the country. The latest steps were struck at the heart of Russia's ability to produce and deploy weaponry and technology utilised in Vladimir Putin's horrific war of aggression against Ukraine, according to a statement released by the US Treasury Department.

G7 states broad multilateral agreements and measures this week further cut off the Russian Federation's access to crucial military equipment, which will degrade Putin's capabilities and complicate his war against Ukraine.

The proceedings blacklist 70 businesses and 29 individuals, freezing any assets held in the United States and prohibiting them from doing business with or performing financial transactions with US institutions. The United Aircraft Corporation (UAC) is on the list as part of Washington's effort to limit Russia's ability to continue its aerial attack on Ukraine, according to the statement.

Furthermore, the US is attempting to crack down on Russians who are attempting to circumvent existing restrictions by secretly procuring US, Japanese, and European defence components. As part of the G7 sanctions, the US also prohibited imports of gold from Russia, the country's largest non-energy export, according to the Treasury.

However, the move excludes gold owned outside of Russia. Visa restrictions were imposed on more than 500 military personnel and civilians, including Halyna Danylchenko, the illegitimate Russia-installed mayor of Melitopol in northeastern Ukraine, and Rostec board members, according to the State Department.

The department blacklisted an Uzbek company that supplies electronic components to Russia, emphasising the hazards of doing business with sanctioned Russian businesses or persons, said Secretary of State Anthony Blinken in a statement.

Washington is also raising taxes on over 570 categories of Russian goods totaling around USD 2.3 billion. According to Blinken, these sanctions are carefully designed to inflict costs on Russia while minimising expenses on US consumers.

The Treasury stated that the prohibition on gold mining in Russia does not apply to metal located outside of Russia before Tuesday's proclamation.

The decision was made while President Joe Biden and other Group of Seven world leaders gathered in Germany for meetings. Countries that support Ukraine have already suspended most trade with Moscow, frozen hundreds of billions of dollars in Russian funds held in foreign accounts, and barred Russian banks from accessing the Swift global messaging system.