New U.S. Sanctions Target Russian Gold Imports, Defense Industry

• On June 28, 2022, the United States, imposed sanctions on more than 100 targets and banned new imports of Russian gold, acting on commitments made by the Group of Seven leaders this week to further punish Russia over its invasion of Ukraine. 
• The U.S. Treasury Department said it imposed sanctions on 70 entities, many of which it said are critical to Russia's defense industrial base, as well as 29 people in an effort to hinder Russia's ability to develop and deploy weapons and technology. 
• "Targeting Russia's defense industry will degrade Putin's capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures," Treasury Secretary Janet Yellen said in a statement. 
• Fresh sanctions were imposed on Rostec, Russia's state aerospace and defense conglomerate. The Treasury said Rostec's "management umbrella includes more than 800 entities across a wide range of sectors" and that all entities owned 50% or more, directly or indirectly, by Rostec are blocked. United Aircraft Corporation (UAC) was sanctioned to "weaken Russia's ability to continue its aerial assault on Ukraine," the Treasury said. 
• The United States slapped sanctions on Russia's largest truck manufacturer, Kamaz (KMAZ.MM), saying its vehicles have been seen carrying missiles and Russian soldiers throughout the Ukraine conflict.

(Source: Reuters)