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Ukraine war: US sanctions Russian gold import, defence industry

Ukraine war: US sanctions Russian gold import, defence industry

Russia's attack on Ukraine

Amid large scale sanctions against Russia, the Biden administrationbanned the import of Russian gold.

The US Treasury imposed sanctions on 70 entities including Russia's state Corporation Rostec which is believed to be the cornerstone of the country's defence, industrial, technology and manufacturing hub.

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Twenty-nine Russian individuals were also subjected to sanctions in the latest move. The US department said it was meant to "strike at the heart of Russia’s ability to develop and deploy weapons and technology".

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"Targeting Russia’s defence industry will degrade Putin’s capabilities and further impede his war against Ukraine," Secretary of the Treasury Janet L. Yellen said.

The US also announced steps to impose visa restrictions on officials it believed threatened Ukraine’s sovereignty while prohibiting the import of Russian gold into the United States even as certain gold-related transactions involving Russia arealready under sanctions.

The US administration also targeted Rostec's subsidiary Public Joint Stock Company United Aircraft Corporation(UAC) and its subsidiaries which it said was "critical to the Russian military’s ability to procure aircraft".

Tupolev Public Joint Stock Company which is said to be Russia’s leading designer of strategic bombers and long-range aircraft was also put on the list. The US said Tupolev has been sanctioned by Canada, New Zealand and Switzerland as well.

Another UAC-affiliated entity Irkut Corporation Joint Stock Company which reportedly manufactures fighter jets for Russia was put under sanctions.

The list also includes defence technology holdings, and Rostec-owned Russian electronics companies including industrial exporters linked to the production of optical and laser systems.

(With inputs from Agencies)

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