US Implements New Round of Sanctions
On June 26, 2026, the US Department of the Treasury announced sanctions against Rwanda's Gasabo Gold Refinery, its Chairman Jean Malic Kalima, and General Manager Bosco Kayobotsi, accusing them of smuggling at least 60 kilograms of gold worth millions of dollars from rebel-controlled areas in eastern Democratic Republic of Congo (DRC). The US authorities noted that this behavior is linked to the M23 rebel group and involves assistance from Rwandan government officials and soldiers. This sanction also affects three mining companies controlled by Kalima: Bugambira Mines, Wolfram Mining and Processing, and Rwinkwavu Mining Corporation.
Assets of Involved Companies Frozen
Sanction measures include freezing assets of relevant parties within the US judicial jurisdiction and prohibiting US citizens and enterprises from transacting with them. This move aims to implement the peace agreement signed between Rwanda and the DRC last December led by the US, promoting transparency in regional mineral supply chains. Despite evidence provided by UN experts etc., Rwanda has long denied supporting M23. Previously, the EU also sanctioned Gasabo Gold Refinery for similar reasons. Analysts believe that the current conflict in eastern DRC continues, having limited impact on global gold supply in the short term, and subsequent execution effects remain to be observed.