The UK, US, Japan and Canada announced a co-ordinated import ban on Russian gold at the G7 Summit, which commenced on the 26 June 2022. Gold is reportedly one of Russia’s biggest exports, worth £12.6 billion to the Russian economy in 2021.
On the 21 July 2022, the UK passed The Russia (Sanctions) (EU Exit) (Amendment) (No.14) Regulations 2022, which implements the prohibition on the import of gold from Russia. It also prohibits the acquisition, supply and delivery, provision of technical assistance, financial services and funds, and brokering services relating to gold.
The rest of the world:
On the 15 August 2022, the Australian Department of Foreign Affairs and Trade announced that it had published draft legislation which would implement a ban on Russian gold and gold products. The legislation would not cover gold that has been exported prior to the enforcement of the legislation. The legislation is likely to come into force imminently, after the consultation into the draft legislation ended on the 29 August 2022.
On the 25 July 2022, Japan stood by its G7 commitment and announced a ban on the imports of gold and gold products from Russia, effective from 1 August 2022.
On the 21 July 2022, the EU adopted its seventh package of sanctions, dubbed the “maintenance and alignment” package, which includes a ban on buying, importing or transporting gold and gold products from Russia. Any services in connection with Russian gold is also prohibited. Switzerland adopted the seventh package on the 3 August 2022, including the ban on the import of Russian gold and gold products.
On the 14 July 2022, Canada stood by its G7 commitment and implemented the ban on imports of gold and gold products from Russia.
On the 28 June 2022, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), in consultation with the Department of State and the Department of Commerce, implemented the G7 commitment to ban Russian imports of gold.
UK:
The UK Government’s press release can be found here: UK sanctions Russian gold exports – GOV.UK (www.gov.uk)
The relevant legal act can be found here: The Russia (Sanctions) (EU Exit) (Amendment) (No. 14) Regulations 2022 (legislation.gov.uk)
Australia:
The draft legislation can be found here: Russia – New Designation under the Autonomous Sanctions Regulations 2011 | Australian Government Department of Foreign Affairs and Trade (dfat.gov.au)
Japan:
The press release can be found here: Measures Based on the Foreign Exchange and Foreign Trade Law Concerning the Situation in Ukraine (July 25, Reiwa) : Ministry of Finance (mof.go.jp)
Other relevant links can be found here: 告示(平成18年) : 財務省 (mof.go.jp); KO-20220725-443.pdf (mof.go.jp)
European Union:
The press release for the 7th package can be found here: Russia’s aggression against Ukraine: EU adopts “maintenance and alignment” package – Consilium (europa.eu)
The relevant legal acts can be found here:
Publications Office (europa.eu)
EUR-Lex – 32022R1273 – EN – EUR-Lex (europa.eu) – COUNCIL REGULATION (EU) 2022/1273 of 21 July 2022
EUR-Lex – 32022R1274 – EN – EUR-Lex (europa.eu) – COUNCIL IMPLEMENTING REGULATION (EU) 2022/1274 of 21 July 2022
EUR-Lex – 32022D1276 – EN – EUR-Lex (europa.eu) – COUNCIL DECISION (CFSP) 2022/1276 of 21 July 2022
EUR-Lex – 32022R1278 – EN – EUR-Lex (europa.eu) – REGULATION (EU) 2022/1278 OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL of 18 July 2022
EUR-Lex – 32022R1269 – EN – EUR-Lex (europa.eu) – COUNCIL REGULATION (EU) 2022/1269 of 21 July 2022
EUR-Lex – 32022R1270 – EN – EUR-Lex (europa.eu) – COUNCIL IMPLEMENTING REGULATION (EU) 2022/1270 of 21 July 2022
EUR-Lex – 32022D1271 – EN – EUR-Lex (europa.eu) – COUNCIL DECISION (CFSP) 2022/1271 of 21 July 2022
EUR-Lex – 32022D1272 – EN – EUR-Lex (europa.eu) – COUNCIL DECISION (CFSP) 2022/1272 of 21 July 2022
Switzerland:
The press release can be found here: Ukraine: Switzerland adopts new sanctions (admin.ch)
Canada:
The relevant legal act can be found here: Regulations Amending the Special Economic Measures (Russia) Regulations (international.gc.ca)
US:
The details of the sanctions: Russia-Related Designations and Designations Updates; Issuance of Russia-Related General Licenses and Related Frequently Asked Questions | U.S. Department of the Treasury
The State Department’s Press release: Targeting Russia’s War Machine, Sanctions Evaders, Military Units Credibly Implicated in Human Rights Abuses, and Russian Federation Officials Involved in Suppression of Dissent – United States Department of State
The Treasury’s Press Release: U.S. Treasury Sanctions Nearly 100 Targets in Putin’s War Machine, Prohibits Russian Gold Imports | U.S. Department of the Treasury
determination_06282022_eo14068.pdf (treasury.gov)
https://www.clydeco.com/en/insights/2022/09/the-uk-in-co-ordination-with-japan-canada-the-unit
You must log in to post a comment.