The US Treasury Department’s Office of Foreign Assets Control (OFAC) has banned gold imports from Russia. The press release is published on the agency’s website. The ban applies to all gold of Russian origin with immediate effect.

“The importation into the United States of gold of Russian origin without a license or other permission from OFAC is prohibited, except as required by law. This definition does not include gold of Russian origin, which until today was outside the Russian Federation,” the statement said.

The US Treasury recalled that the rest of the G7 countries had already promised to join the embargo on gold. On June 27, the G7 members announced that they intended to cut Russia off from participation in world markets and limit its income, including from gold.

On the same day, Canada announced an embargo on Russian gold items. US Secretary of State Anthony Blinken said that the refusal of the G7 countries to import gold from Russia would deprive Moscow of about $19 billion a year.