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US sanctions Nicaraguan gold mining agency over ties to Russia

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WASHINGTON — The U.S. imposed sanctions Friday on Nicaragua’s state-owned gold mining firm and the president of its board of administrators partly over the Central American nation’s ties to Russia.

The sanctions have been imposed towards the Nicaraguan Mining Co., recognized by the Spanish-language acronym ENIMINAS, partly as a result of the nation’s leaders are “deepening their relationship with Russia as it wages war against Ukraine, while using gold revenue to continue to oppress the people of Nicaragua,” the Treasury Department mentioned.

The actions are approved beneath an present govt order that targets the violent response by the Nicaraguan authorities to civil protests that started in April 2018, in addition to the Daniel Ortega regime’s use of violence towards civilians and destabilization of Nicaragua’s financial system.

The govt order was imposed throughout Donald Trump’s presidency.

“High-ranking members of the Ortega-Murillo regime have benefitted greatly from Nicaragua’s increase in gold exports in recent years, due in large part to the outsized role ENIMINAS has played in funneling profits to private sector partners and kickbacks to regime insiders,” Treasury mentioned in a press release, referencing Ortega’s spouse and vp, Rosario Murillo.

The Treasury Department’s Office of Foreign Assets Control mentioned Friday’s sanctions stemmed from the threats that the corporate, recognized in Spanish as Empresa Nicaraguense de Minas, and its management pose “to the security of the hemisphere.”

The sanctions imply that every one property and pursuits in property that the agency and the president of its board of administrators have that the U.S. has jurisdiction over, or are in possession by Americans, are blocked.

The U.S. authorities additionally issued a normal license that will enable Americans doing enterprise with the corporate to wind down their transactions with it by July 18. In 2021, gold exports from Nicaragua to the United States elevated by 30%, totaling greater than $744 million, in accordance with U.S. figures.

Sanctions involving the gold commerce have been additionally imposed on Russia earlier this yr, because the mineral may be swapped for a extra liquid overseas change that isn’t topic to present sanctions.

In March, the U.S. and its allies moved to dam monetary transactions with Russia’s Central Bank that contain gold, aiming to additional limit the nation’s capability to make use of its worldwide reserves due to President Vladimir Putin’s invasion of Ukraine.

Putin has been constructing his gold stockpile since 2014.


US sanctions Nicaraguan gold mining agency over ties to Russia.
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