US Sanctions Several Firms in Hong Kong, UAE for Involvement in Russian Gold Trade

By Jace Dela Cruz

Jun 13, 2024 03:21 AM EDT

The United States (US) has imposed sanctions on several companies based in Hong Kong and the United Arab Emirates (UAE) for involvement in the trade of gold produced by a sanctioned Russian miner.

The US Department of the Treasury said Wednesday this move is part of the US' broader effort to increase pressure on Russia in response to its ongoing conflict with Ukraine.

Gold Bars Wealth

(Photo : PublicDomainPictures from Pixabay)

US Sanctions Hong Kong, UAE Firms Allegedly Helping in Trading Russian Gold

In a statement, the Treasury Department said the new sanctions list included a transnational network "laundering gold for a designated Russian gold producer." Among the entities included in the list is VPower Finance Security, a Hong Kong firm accused of helping to transport Russian-origin gold.

The list also includes Holden International Trading Limited and Taube Precious HK Limited, both Hong Kong-based companies allegedly used to route payments for Russian gold. UAE-based Red Coast Metals Trading DMCC was also implicated in allegedly concealing the payments from the sale of this gold.

The Treasury Department emphasized that foreign companies supporting Russia's war economy now face a heightened risk of sanctions. These measures align with the Group of Seven (G7) commitments to intensify pressure on Russia. 

READ NEXT: US Sanctions Russian Businessman, 3 Companies Involved in Scheme to Evade Sanctions Tied to Russia's Metals Tycoon  

US Sanctions Against Russia

The sanctions are part of a broader strategy that targets over 300 individuals and entities globally, including those aiding Russia's military-industrial base and its efforts to circumvent sanctions.

The State Department has also targeted more than 100 entities and individuals involved in Russia's energy, metals, and mining sectors, as well as those contributing to the war effort against Ukraine. 

READ MORE: Joe Biden Administration Sanctions Hundreds of Companies to Choke Russia's Supplies of Military Technology

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