Policies & IssuesMay 03, 2023
From Mine to Met: Event Co-Chair Gives Platform to Responsibly Sourced GoldPolicies & IssuesJun 29, 2023
U.S. Sanctions Gold Cos. Allegedly Tied to Russian Mercenary Group
OFAC sanctioned four companies it claims are helping fund the Wagner Group, the organization that just attempted a coup in Russia.
On Tuesday, the U.S. Treasury Department announced sanctions against Midas Resources SARLU, Diamville SAU, Industrial Resources General Trading, Limited Liability Company DM, and Andrey Nikolayevich Ivanov. The department alleges these four companies and one individual are involved in illicit gold dealings that help fund the Wagner Group. (Stock photo)
Washington, D.C.—The U.S. Treasury Department’s Office of Foreign Assets Control has announced sanctions against four gold companies it says are connected to Russia’s Wagner Group and its leader, Yevgeniy Prigozhin.
The Wagner Group is a government-backed network of mercenaries (fighters for hire) that has been heavily involved in Russia’s invasion of Ukraine, including the capture of the city of Bakhmut in eastern Ukraine.
In recent months, though, the relationship between Prigozhin and the Russian government has soured, with Prigozhin accusing the country’s military leadership of incompetence and claiming they were withholding ammunition from his fighters.
On Saturday, the Wagner Group staged an insurrection that was quickly de-escalated but has raised questions about Russian President Vladimir Putin’s ability to hold onto power.
Prigozhin and the Wagner Group already are under U.S. sanction.
On Tuesday, OFAC announced sanctions against four companies and one individual it claims are involved in illicit gold dealings that fund the Wagner Group.
They are:
— Midas Resources SARLU, a company based in the Central African Republic that is affiliated with Prigozhin and has mining concessions and licenses for sites where precious metals and gemstones are mined;
— Diamville SAU, another CAR-based company controlled by Prigozhin;
— Industrial Resources General Trading, a Dubai, United Arab Emirates-based industrial goods distributor that allegedly has provided financial support to Prigozhin through its business dealings with Diamville; and
— Limited Liability Company DM (also known as OOO DM), a Russia-based firm that allegedly participated in a gold selling scheme.
OFAC also sanctioned one individual, Andrey Nikolayevich Ivanov, a Russian national it says is an executive in the Wagner Group.
“The Wagner Group funds its brutal operations in part by exploiting natural resources in countries like the Central African Republic and Mali,” said Brian E. Nelson, the Treasury Department’s undersecretary for Terrorism and Financial Intelligence.
“The United States will continue to target the Wagner Group’s revenue streams to degrade its expansion and violence in Africa, Ukraine, and anywhere else.”
Related stories will be right here …
The Wagner Group is a government-backed network of mercenaries (fighters for hire) that has been heavily involved in Russia’s invasion of Ukraine, including the capture of the city of Bakhmut in eastern Ukraine.
In recent months, though, the relationship between Prigozhin and the Russian government has soured, with Prigozhin accusing the country’s military leadership of incompetence and claiming they were withholding ammunition from his fighters.
On Saturday, the Wagner Group staged an insurrection that was quickly de-escalated but has raised questions about Russian President Vladimir Putin’s ability to hold onto power.
Prigozhin and the Wagner Group already are under U.S. sanction.
On Tuesday, OFAC announced sanctions against four companies and one individual it claims are involved in illicit gold dealings that fund the Wagner Group.
They are:
— Midas Resources SARLU, a company based in the Central African Republic that is affiliated with Prigozhin and has mining concessions and licenses for sites where precious metals and gemstones are mined;
— Diamville SAU, another CAR-based company controlled by Prigozhin;
— Industrial Resources General Trading, a Dubai, United Arab Emirates-based industrial goods distributor that allegedly has provided financial support to Prigozhin through its business dealings with Diamville; and
— Limited Liability Company DM (also known as OOO DM), a Russia-based firm that allegedly participated in a gold selling scheme.
OFAC also sanctioned one individual, Andrey Nikolayevich Ivanov, a Russian national it says is an executive in the Wagner Group.
“The Wagner Group funds its brutal operations in part by exploiting natural resources in countries like the Central African Republic and Mali,” said Brian E. Nelson, the Treasury Department’s undersecretary for Terrorism and Financial Intelligence.
“The United States will continue to target the Wagner Group’s revenue streams to degrade its expansion and violence in Africa, Ukraine, and anywhere else.”
The U.S. Treasury Department announced the sanctions the same day a group of federal agencies, including the State Department and the Department of Homeland Security, published a lengthy advisory on gold from sub-Saharan Africa that U.S. State Department’s Brad Brooks-Rubin described as “unique.”
Available to read in full online, the alert calls attention to the “increasingly concerning reporting” on illicit actors, like the Wagner Group, exploiting weaknesses in the gold supply chain across sub-Saharan Africa to finance their activities.
Industry participants, “should be prepared for increased U.S. government attention to the relationship between gold and these groups’ revenue streams and should be prepared for the possibility that U.S. sanctions could be used to disrupt these groups’ operations,” the alert states.
It notes the importance of companies doing their due diligence when it comes to sourcing gold and reporting publicly on their efforts whenever possible.
The alert also calls on U.S. individuals and entities that are involved in the gold trade to support responsible investment in both large-scale gold mining operations in Africa as well as its artisanal and small-scale gold mining sector (ASGM), which employs an estimated 10 million to 25 million people.
The advisory includes a list of three non-governmental organizations working to improve Africa’s ASGM sector and the lives of the people who depend on it.
They are: Impact (formerly Partnership Africa Canada), an NGO that specializes in artisanal and small-scale mining in Africa; the Alliance for Responsible Mining, which works to better the lives of artisanal and small-scale miners worldwide through capacity building and improved market access; and the Artisanal Gold Council, which focuses on training, education, and capacity-building programs, as well as guiding sector governance.
More on Policies & Issues
The Latest
CrimeDec 15, 2025
Men Receive Life Sentences in Home Invasion Murder of Jeweler Carlos Jose Hernandez and Joshua Zuazo were sentenced to life without the possibility of parole in the 2024 murder of Hussein “Sam” Murray.
IndependentsDec 15, 2025
M.S. Rau to Open Store in AspenThe New Orleans jeweler is also hosting pop-up jewelry boutiques in New York City and Dallas.
AuctionsDec 12, 2025
13.54-Carat Paraíba Tourmaline Sets Records at Christie’sSet in a Tiffany & Co. necklace, it sold for $4.2 million, the highest price and price per carat paid for a Paraíba tourmaline at auction.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
MajorsDec 12, 2025
David Webb Reveals Ice-Cold Holiday Window DisplayThe jeweler’s “Deep Freeze” display showcases its iconic jewelry designs frozen in a vintage icebox.
Weekly QuizDec 11, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsDec 12, 2025
Piece of the Week: Oscar Heyman’s Sphene RingTake luxury gifting to new heights this holiday season with the jeweler’s showstopping 12-carat sphene ring.
Events & AwardsDec 12, 2025
IGI Jewelry Design Contest Now Accepting SubmissionsThis year's theme is “Unveiling the Depths of the Ocean.”
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
TrendsDec 11, 2025
Pinterest 2026 Trend Report: Brooches, Bold Gold, Cool BlueIn its annual report, Pinterest noted an increase in searches for brooches, heirloom jewelry, and ‘80s luxury.
GradingDec 11, 2025
GIA to Offer Origin Determination for 3 More GemstonesStarting Jan. 1, customers can request the service for opal, peridot, and demantoid garnet.
IndependentsDec 11, 2025
Look Inside Day’s Jewelers’ Ninth StoreThe 111-year-old retailer celebrated the opening of its new location in Salem, New Hampshire, which is its third store in the state.
MajorsDec 11, 2025
Americas Gold Releases New Gold Chain CatalogThe new catalog features its most popular chains as well as new styles.
AuctionsDec 10, 2025
Francis Ford Coppola’s Watch Sells for $10.8MThe filmmaker’s personal F.P. Journe “FFC” prototype was the star of Phillips’ recent record-setting watch auction in New York.
WatchesDec 10, 2025
There’s A New Rolex Boutique in MiamiThe new location in the Design District pays homage to Miami’s Art Deco heritage and its connection to the ocean.
SurveysDec 10, 2025
Consumer Confidence Drops in November Inflations, tariffs, and politics—including the government shutdown—were among consumers’ top concerns last month.
SourcingDec 10, 2025
NAJA Announces Details for 2026 ‘Ace It’ Winter Conference“Longtime favorite” presenters, as well as first-time speakers, will lead talks and workshops at the annual event in Tucson next year.
Events & AwardsDec 10, 2025
MJSA Names 2025 Responsible Design Challenge WinnerSilas Smith of Meridian Metalworks won the challenge with his pendant that blends Australian and American landscapes.
AuctionsDec 09, 2025
‘Desert Rose’ Diamond Sells for $8.8M in Abu DhabiThe sale of the 31.68-carat, sunset-hued stone was part of Sotheby’s first series of events and auctions in Abu Dhabi.
ColumnistsDec 09, 2025
Holiday Sales Happen in December, Most Decisions Don’tMost customers who walk into your store this month have made up their minds. Your job is to validate their choice, Emmanuel Raheb writes.
TrendsDec 09, 2025
‘Once Upon a Time,’ Guzema Debuted Its Holiday CollectionThe collection features characters and motifs from Ukrainian folklore, including an enchanted mirror and a magic egg.
TechnologyDec 09, 2025
Gemvision Releases Updated MatrixGoldMatrixGold 3.11, the newest version of the jewelry design program, offers more flexibility, precision, and creative control.
Events & AwardsDec 09, 2025
MJSA Showcase Pavilion Returning to JA New York The pavilion will be part of the 2026 JA New York Spring show, scheduled for March 15 to 17.
MajorsDec 08, 2025
Juell Kadet, a ‘Lifelong Pillar’ of Rogers & Hollands, Dies at 96Kadet, a 1994 National Jeweler Retailer Hall of Fame inductee, helped grow the family-owned retailer in the Chicago area and beyond.
TechnologyDec 08, 2025
You’ve Heard of Smart Watches and Rings; Meet Smart EarringsBilled as the world’s smallest wearable, Lumia Health’s new smart earrings have a health tracker subtly embedded in the back.
TrendsDec 08, 2025
Amanda’s Style File: Celebrating December’s BirthstonesDon’t let those with December birthdays feel blue. Help them celebrate their month with blue zircon, turquoise, and tanzanite.
CollectionsDec 05, 2025
Piece of the Week: Robinson Pelham’s ‘Tsar Star’ EarringsThe new pink sapphire version of the piece dances with its wearer in the brand’s “Icons After Dark” holiday campaign.
TrendsDec 05, 2025
Pantone’s Color of the Year for 2026 Is … WhiteA choice that’s generated a lot of commentary, Pantone says “Cloud Dancer” marks a fresh start and encourages relaxation and creativity.
