Because of the ban, Russia is expected to lose approximately $ 19 billion in revenue annually.
The United States has imposed a ban on gold imports from Russia and extended sanctions against the country, according to the U.S. Treasury website on Tuesday, June 28th.
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The list of sanctions includes 70 organizations critical of Russia’s military-industrial base, including Rostec Corporation.
Penalties are also placed against 45 legal entities and 29 individuals.
The new restrictions are expected to hurt Russia’s ability to develop and use weapons and technology in the war against Ukraine.
In addition, more than 500 Russian military personnel are subject to visa restrictions.
The decision to ban the import of gold from the Russian Federation will take effect immediately, but does not apply to gold currently outside Russia.
The State Department estimates that a ban on Russia’s gold imports, Russia’s second largest source of revenue after energy, would cost the Kremlin $ 19 billion a year.
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Source: korrespondent
I am David Wyatt, a professional writer and journalist for Buna Times. I specialize in the world section of news coverage, where I bring to light stories and issues that affect us globally. As a graduate of Journalism, I have always had the passion to spread knowledge through writing.