logo
U.S. imposes sanctions on 4 groups linked to DRC's conflict minerals trade

U.S. imposes sanctions on 4 groups linked to DRC's conflict minerals trade

Business Insider12 hours ago
The United States government has announced targeted sanctions against a network accused of fueling conflict and engaging in illicit mineral trading in eastern Democratic Republic of Congo, as Washington intensifies efforts to support peace initiatives in the region while securing access to its vast mineral resources.
The United States announced targeted sanctions against groups engaging in illicit mineral trading in eastern DRC.
Four organizations are identified, including armed groups and mining cooperatives tied to smuggling minerals.
The sanctions aim to disrupt the financial networks of armed groups and promote lawful resource exploitation.
The Washington Post reports that a senior U.S. official, speaking on condition of anonymity ahead of the formal announcement, confirmed that the sanctions imposed jointly by the State Department and the Treasury Department target four groups:
• Coalition des Patriotes Résistants Congolais–Forces de Frappe (PARECO-FF), an armed group that from 2022 until early 2024 controlled the strategic coltan mining site of Rubaya in North Kivu province. Coltan, a vital source of tantalum used in electronics, is one of the region's most sought-after resources and a major driver of conflict financing.
• Coopérative des Artisanaux Miniers du Congo (CDMC), a Congolese mining cooperative accused of purchasing and selling minerals smuggled from PARECO-FF-controlled areas.
• East Rise Corporation Limited, a Hong Kong-based firm alleged to have purchased smuggled minerals for export.
• Dragon Corporation Limited, another Hong Kong-based firm accused of buying these illicitly sourced minerals and feeding them into international supply chains.
U.S. officials described the measures as part of a broader Trump administration strategy to disrupt the financial lifelines of armed groups in eastern Congo, curb the illicit mineral trade, and promote transparent, lawful exploitation of the country's natural resources.
A report by a United Nations Group of Experts published last month revealed that Congo's army had received support from PARECO-FF in late 2024 and early 2025.
The move further highlights the Trump administration's continued engagement in the Great Lakes region, positioning Washington as a central player in both regional peacebuilding and the global race to secure critical minerals.
US' moves to restore peace in the DRC
The United States has stepped up its diplomatic and economic engagement to help restore peace in the Democratic Republic of the Congo (DRC), where the mineral-rich eastern provinces have endured decades of armed conflict.
These measures are part of a broader Trump administration strategy to stabilize the Great Lakes region, curb cross-border smuggling, and ensure that the DRC's vast mineral wealth benefits its citizens while entering legitimate global markets.
The sanctions are a central element of a wider approach that blends economic pressure with diplomacy, aiming to cut off revenue streams that sustain armed groups while pressing regional actors toward negotiated settlements.
This effort also ties into the controversial 'Minerals-for-Security' proposal, under which President Félix Tshisekedi offered the United States preferential access to the DRC's reserves of cobalt, lithium, tantalum, and copper in exchange for formal security assistance against the M23 rebellion and other militias destabilizing the east.
By targeting both local and foreign actors in the illicit minerals trade, Washington seeks to disrupt conflict financing and lay the groundwork for lasting peace in the DRC's volatile east.
However, rights groups note that over the years some U.S. companies, particularly in the technology and manufacturing sectors, have also faced accusations of sourcing cobalt, tantalum, tin, and gold from suppliers linked to armed groups.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

CNBC Daily Open: The Trump administration's mixing business with politics to build a chip empire
CNBC Daily Open: The Trump administration's mixing business with politics to build a chip empire

CNBC

time25 minutes ago

  • CNBC

CNBC Daily Open: The Trump administration's mixing business with politics to build a chip empire

Don't mix business with pleasure — or the music of the spheres might eject you from the skies even if you are an astronomer — but it seems, in the current milieu, there are no such restrictions between business and politics. U.S. President Donald Trump's administration is eyeing a stake in struggling chipmaker Intel, according to a Bloomberg report on Thursday. That consideration is primarily attributable to Intel's status as the only born-and-bred American company that can manufacture the fastest chips on U.S. soil. While some firms such as Taiwan Semiconductor Manufacturing Company and Samsung, both of which can produce 3-nanometer chips — the most advanced semiconductors so far — have factories in the U.S., they are Taiwanese and South Korean companies, respectively, and probably do not enjoy apple pies on the Fourth of July. In combination with the news that Nvidia and AMD will pay the U.S. government a 15% share of their revenue from chip sales in China, as well as Apple committing to make more chips in America, the Trump administration seems to be consolidating a chip empire with the White House as its capital. To modify a song last heard by the Astronomer CEO before he was cast down to Earth: "I used to rule the world / Chips would rise when I gave the word."The Trump administration is reportedly considering a stake in Intel. The chipmaker is the only U.S. company that can manufacture the most advanced semiconductors in America. Intel's shares soared 7.4% after Bloomberg reported the news. Wholesale prices in the U.S. heat up. The producer price index for July shot up 0.9% on the month, higher than the Dow Jones estimate of a 0.2% gain. It was the biggest monthly rise since 2022. The annual figure came in at 3.3%, the highest since February. Potential Fed chair David Zervos backs an aggressive rate cut. The Jefferies chief market strategist told CNBC that reaccelerating wholesale prices in July should not deter the central bank from cutting its "restrictive" monetary policy by 50 basis points. U.S. stocks flirt with the flatline. The S&P 500's barest 0.03% gain, however, means it closed at another high on Thursday. The pan-European Stoxx 600 index added 0.55%. Meanwhile, the U.K. economy expanded by a better-than-expected 0.3% in the second quarter. [PRO] European defense stocks will benefit from Trump-Putin meeting. Regardless of whether the talks result in any breakthroughs on the war in Ukraine, analysts think it's a "win-win" situation for defense stocks. Putin vs. Trump? Ukraine talks could be a test of statecraft Russian President Vladimir Putin's standing in the West may be pretty low, but he's a skilled and seasoned statesman who shouldn't be underestimated, analysts say — and he's likely to be looking to outmaneuver his less experienced U.S. counterpart when the leaders meet in Alaska on Friday. "Let's be clear, Putin does not take Trump seriously," Tina Fordham, founder of Fordham Global Foresight, told CNBC ahead of the talks.

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump
Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump

Wall Street Journal

time25 minutes ago

  • Wall Street Journal

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump

The nine law firms that promised President Trump they would perform about $1 billion in pro bono work on his favored causes have embraced broad interpretations of what they owe. Several firms that struck the unprecedented deals have shrugged them off as unenforceable and have taken on little to no additional unpaid work, according to people familiar with the matter. They are hoping Trump has moved on.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store