The United States will impose with other G7 countries restrictions on Russia’s participation in the global market and further crack downs on evasion attempts. G7 Leaders are determined to limit Russia’s revenues, including from gold, Russia’s second largest export after energy. The United States will take several key actions to implement these commitments.
The U.S. Department of the Treasury will be issuing a determination to prohibit the import of new gold into the United States, which will prevent Russian participation in the formal gold market. G7 Leaders will also commit to continue to target efforts by those engaging in evasion and backfill activities.
The U.S. Department of Commerce will take its first action against companies engaging in backfill activities in support of Russia by adding several companies around the world to the Entity List, which will prohibit those companies from purchasing U.S.-made origin goods and technologies, such as semiconductors. State and Treasury will implement blocking sanctions against persons tied to aiding Russia’s evasion efforts. Commerce and Treasury will jointly issue an alert to financial institutions to aid in detecting potential violations of export controls.
