OFAC Sanctions Gold Companies Supporting Wagner Group, Issues New Advisory
The Office of Foreign Assets Control this week sanctioned four companies and one person connected to the sanctioned Russian military group PMC Wagner (Wagner Group) and its founder Yevgeny Prigozhin. The designations target Central African Republic-based Midas Resources SARLU and Diamville SAU, United Arab Emirates-based Industrial Resources General Trading and Russia-based Limited Liability Company DM, which are involved in “illicit gold dealings” to help fund the Wagner Group. OFAC also sanctioned Andrey Nikolayevich Ivanov, a Wagner executive who has worked closely with Prigozhin’s entity, Africa Politology, and senior Malian government officials on weapons deals and other activities in Mali.
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The agency said the companies exploit natural resources in countries like the CAR and Mali, including by mining for gold and precious gems, to fund the Wagner Group’s operations. OFAC and several other U.S. agencies published a new 29-page African Gold Advisory to highlight risks posed by illegal gold trade across the continent and offer ways companies can conduct due-diligence to avoid participating in that trade. The advisory also includes a table of recent gold-related sanctions actions.