Gold / Industry

U.S. Treasury Sanctions Russian Precious Metals Companies


The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has placed three Russian metal producers on its Specially Designated Nationals (SDN) list—which means it is now illegal for U.S. companies or citizens to have direct dealings with them.

The companies are Ural Mining and Metallurgical Company (UMMC), one of Russia’s top producers of metals such as copper, zinc, gold, and silver, and two subsidiaries: UMMC Nonferrous Metals Processing Limited Liability Company, and Joint Stock Company Uralelektromed.

The three were sanctioned for “operating or having operated in the metals and mining sector of the Russian Federation economy.”

OFAC previously placed sanctions on Russian diamond miner Alrosa. A complete list of newly sanctioned companies and individuals can be seen here.

(Image courtesy of the Office of Foreign Assets Control)

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By: Rob Bates

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