Russia is now facing controversy over gold imports. Japan has recently joined the ranks of nations boycotting Russian gold. Thus, the local authorities banned the imports of the commodity from Russia as well as the provision of audit and consulting services to the country.
According to the press release of Japan’s Ministry of Finance, the terms of the embargo will be disclosed later. Meanwhile, the ban on audit and consulting services to Russia will come into effect on September 5.
Japan’s new sanctions also include restrictions on the provision of services to Russia, including auditing, management consulting services, and trust services, the official statement said.
The United States became the first country to target Russian gold when the Office of Foreign Assets Control (OFAC) blocked the imports of the Russian commodity. “The importation into the United States of gold of Russian Federation origin is prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by OFAC. This determination excludes gold of Russian Federation origin that was located outside of the Russian Federation prior to today,” OFAC stated.
