world 25 June 2026 Daily Monitor (Uganda)
US Imposes Sanctions on Rwandan Firms, Officials Over M23 Gold Laundering
The U.S. Treasury has sanctioned Rwandan mining companies and their executives for allegedly laundering gold extracted by M23 rebels from the Democratic Republic of Congo. This action aims to disrupt the funding of the rebel group and promote peace in the region. Source: https://www.monitor.co.ug/uganda/news/national/us-sanctions-rwandan-mining-firms-officials-over-m23-rebels-gold-laundering-scheme-5509414
The United States has levied significant financial sanctions against several Rwandan mining entities and their leaders, accusing them of facilitating the illicit trade of conflict minerals. The sanctions target Gasabo Gold Refinery LTD, its chairman Jean Malic Kalima, and general manager Bosco Kayobotsi, alongside three other mining companies linked to Kalima: Bugambira Mines LTD, Wolfram Mining and Processing LTD, and Rwinkwavu Mining Corporation LTD.
According to the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), Gasabo Gold Refinery has served as a key channel for Rwandan officials and the M23 rebel group to launder gold plundered from eastern DRC. Reports indicate that in early 2026, approximately 60 kilograms of gold, valued in the millions, were smuggled from M23-controlled areas in South Kivu and transported to the refinery in Kigali, escorted by Rwandan Defence Force soldiers.
U.S. Secretary of the Treasury Scott Bessent stated that the U.S. will not permit “rogue groups to profit from the illicit mineral trade and destabilize the region.” The sanctions are intended to uphold the Washington Accords for Peace and Prosperity, a framework aimed at ensuring transparent and legal mineral supply chains, signed in late 2025.
Washington highlighted that this illicit trade fuels violence, supports fighters, and perpetuates severe human rights abuses, including forced and child labor. The dangerous conditions associated with these operations were underscored by a mine collapse in March 2026 at a rebel-controlled coltan mine, which resulted in the deaths of over 200 individuals, including children.
These measures follow earlier 2026 sanctions targeting entities involved in the DRC conflict, including the Rwanda Defence Force for its alleged support of M23. The current sanctions freeze all U.S.-based assets of the designated parties and prohibit transactions with them, carrying penalties for non-compliance. The Treasury Department emphasized that the goal is to foster behavioral change and dismantle supply chains that channel DRC minerals through Rwanda to international markets.
Source: Daily Monitor (Uganda)