Ban on Russian Gold Imports

Summary#

The Regulations Amending the Special Economic Measures (Russia) Regulations add a ban on importing certain gold products from Russia. The regulations were registered on July 8, 2022, and the new import ban for gold took effect 30 days after registration (i.e. on August 7, 2022).

What it does#

• Prohibits any person in Canada and any Canadian outside Canada from importing, purchasing or acquiring goods listed in Schedule 9 if they come from Russia or a person in Russia.
• Adds Schedule 9, which covers categories such as:
  • unwrought gold (including powder and other forms),
  • semi‑manufactured gold,
  • monetary gold,
  • articles of jewelry and goldsmith/silversmith wares made of gold.
• Exempts:
  • goods of foreign origin merely transiting through Russia without being processed there, and
  • personal effects that an individual takes when leaving Russia for their own or their immediate family’s use.
• Extends the existing rule that it is illegal to knowingly help, facilitate or assist activities already prohibited under the Regulations.
• Enforcement bodies named include the Royal Canadian Mounted Police and the Canada Border Services Agency. Penalties under the Special Economic Measures Act can include a fine of up to $25,000 and/or imprisonment for up to one year on summary conviction, or up to five years on indictment.

Who's affected#

• Importers and traders of gold and gold jewelry who source goods from Russia.
• Refiners, wholesalers and retailers handling gold products who need to check origin and suppliers.
• Financial institutions and banks that monitor trade and payments for compliance with sanctions.
• Border and customs officials who will enforce the ban.
• Small businesses are unlikely to be heavily affected; the government estimated imports of the listed Russian gold products were more than Can$475,000 in 2021.

Why it matters#

• This is a targeted trade sanction aimed at reducing Russia’s ability to fund its military actions in Ukraine by cutting off certain gold exports to Canada.
• For affected businesses, it means checking supply chains and stopping purchases of Russian-origin gold or jewelry. Banks and customs will update screening and enforcement procedures.
• For the general public, the direct impact is likely small given the modest value of affected imports, but the measure is part of wider international pressure on Russia and shows Canada’s alignment with allied sanctions.