According to a statement from the US Treasury Department’s Office of Foreign Assets Control, the sanctions targeted Russia’s largest gold mining company, “Poleus”, as well as “Polymetal”, the Russian unit of “Polymetal International “.
The sanctions also included Polyus CEO Alexei Vostokov, other senior executives and former CEO Pavel Grachev.
Earlier in the day, the United Kingdom and Australia announced the imposition of sanctions on the company “Poleus”.
Russia is the second largest producer of gold in the world, and gold mined from the country became a pariah after the war in Ukraine, and the Group of Seven countries and the European Union banned its import l last summer.
It should be noted that the administration of US President Joe Biden also today announced new sanctions against Russia, including halting exports of a wide range of consumer goods to Russia, and added 71 entities to a trade blacklist, while the G7 countries announced the imposition of new sanctions against Moscow because of its war in Ukraine.
The new restrictions imposed on Russia target products that could be used to help the Russian military, including everyday items such as clothes dryers, snow plows and livestock milking equipment which, according to the United States, could be diverted to support the Russian war machine.
Among the companies targeted are aircraft maintenance and parts production facilities, gunpowder factories, tractors, automobiles, shipyards and engineering centers in Russia.
The new sanctions are part of the latest set of export measures and controls imposed by the United States and other countries after Russia’s war on Ukraine. It aims to undermine Russia’s industrial base and its ability to continue the war.
The United States and a coalition of 37 other countries have imposed unprecedented export restrictions on Russia since its war on Ukraine began in February 2022.
The new measures come as the United States and the rest of the major “Group of Seven” economies agreed to toughen sanctions against Russia at their meeting in Japan.
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