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US imposes sanctions on Congo armed group, mining firms over illicit minerals

US imposes sanctions on Congo armed group, mining firms over illicit minerals

Straits Timesa day ago
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FILE PHOTO: A labourer carries a sack of ore at the Rubaya coltan mine, in the town of Rubaya, which is controlled by M23 rebels, in the Eastern Democratic Republic of Congo March 24, 2025. REUTERS/Zohra Bensemra/File Photo
The United States on Tuesday announced sanctions against an armed group aligned with Congo's military as well as a Congolese mining company and two Hong Kong-based exporters over armed violence and the sale of critical minerals.
The measures are the latest taken by the administration of President Donald Trump to try to bring peace to eastern Congo, where Rwanda-backed M23 rebels staged a lightning advance earlier this year, spurring violence that has killed thousands of people.
The Treasury Department said it was putting sanctions on the Coalition des Patriotes Resistants Congolais-Forces de Frappe (PARECO-FF), a militia that it said controlled mining sites in the mineral-rich region of Rubaya from 2022 to 2024.
Rubaya, now controlled by M23, produces 15% of the world's coltan, which is processed into a heat-resistant metal called tantalum that is in high demand from makers of mobile phones, computers and other applications in the electronics, aerospace and medical industries.
The new sanctions, which restrict trade with U.S. companies and persons, also target the Congolese mining company Cooperative des Artisanaux Miniers du Congo (CDMC), which the Treasury Department said sold critical minerals smuggled from PARECO-FF areas of control, and the Hong Kong-based export companies East Rise Corporation Limited and Star Dragon Corporation Limited, which it said bought those minerals.
A senior U.S. government official, speaking on condition of anonymity, said Washington was seeking to raise the cost of illicit trade "to make the licit trade that much more appealing."
The Trump administration hopes an eventual peace deal will attract billions in Western investments to a region rich in tantalum, gold, cobalt, copper, lithium and other minerals.
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A report by a U.N. group of experts published last month said Congo's army had received support from PARECO-FF in late 2024 and early 2025.
A Congolese government spokesperson and East Rise did not immediately respond to requests for comment on Tuesday. Star Dragon, CDMC and PARECO-FF could not be reached for comment.
PEACE TALKS
Jason Stearns, a Congo expert, said he was surprised that PARECO-FF, not M23, had been targeted in the new mining-related sanctions but said the move might be aimed at not derailing talks going on in Doha.
Qatar is hosting direct talks between Congo and M23, while Washington is hosting talks between Congo and Rwanda.
Congo, the United Nations and Western powers say Rwanda is supporting M23 by sending troops and arms.
Rwanda has long denied helping M23 and says its forces are acting in self-defence against Congo's army and ethnic Hutu militiamen linked to the 1994 Rwandan genocide.
The senior U.S. official acknowledged M23 was involved in the illicit trade of minerals and noted that M23 has already had sanctions placed on it by the U.S. and the United Nations.
A U.S. sanctions announcement in January 2013 said M23 was "committing serious violations of international law involving the targeting of children in situations of armed conflict in the DRC, including killing and maiming, sexual violence, abduction, and forced displacement."
It made no mention of minerals smuggling.
Last year, the Treasury Department put sanctions on the broader Alliance Fleuve Congo rebel coalition, of which M23 is a central member. It has also sanctioned members of the M23 leadership.
The senior U.S. official said the Trump administration's diplomacy was "progressing" and that sanctions were a way of targeting "spoilers" seeking to profit off the illicit mineral trade.
It wanted all parties to realize there would be a brighter economic future if U.S. companies had confidence that they could invest in a "stable and peaceful" eastern Congo, the official said. REUTERS
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As Trump pushes international students away, Asian schools scoop them up
As Trump pushes international students away, Asian schools scoop them up

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time27 minutes ago

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As Trump pushes international students away, Asian schools scoop them up

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Bitcoin hits fresh record above US$124,000 as Fed easing bets add to tailwinds
Bitcoin hits fresh record above US$124,000 as Fed easing bets add to tailwinds

Straits Times

timean hour ago

  • Straits Times

Bitcoin hits fresh record above US$124,000 as Fed easing bets add to tailwinds

Sign up now: Get ST's newsletters delivered to your inbox Bitcoin has risen nearly 32 per cent so far in 2025 on the back of regulatory wins for crypto following President Donald Trump's return to the White House. TOKYO - Bitcoin hit a record high on Aug 14 as increasing expectations for easier monetary policy from the Federal Reserve added to tailwinds from recently announced financial reforms. The world's largest crypto-asset by market value climbed as much as 0.9 per cent to US$124,002.49 in early Asia trading, surpassing its previous peak hit in July. Ether, the second largest crypto token, hit US$4,780.04, its highest level since late 2021. Bitcoin's rally is being powered by increasing certainty of Fed rate cuts, sustained institutional buying and moves by the Trump administration to ease investment in crypto assets, said IG market analyst Tony Sycamore. 'Technically a sustained break above US$125k could propel BTC to US$150,000,' he wrote in a note. Bitcoin has risen nearly 32 per cent so far in 2025 on the back of long-sought regulatory wins for the sector following President Donald Trump's return to the White House. Mr Trump has called himself the 'crypto president' and his family has made a series of forays into the sector over the past year. An executive order last week paved the way to allow crypto assets in 401(k) retirement accounts, highlighting an increasingly favorable regulatory environment in the United States. Crypto has scored multiple regulatory wins in the US over 2025, including the passage of stablecoin regulations and the US securities regulator's move to overhaul regulations in order to accommodate the asset class. Top stories Swipe. Select. Stay informed. Asia India, Singapore ministers discuss deeper tie-ups in digitalisation, skills, industrial parks Business More seniors remain employed after retirement and re-employment ages raised in 2022: MOM study Singapore To Vers or not to Vers: How will this scheme affect HDB prices? Asia Malaysia's ex-economy minister says his son was jabbed with syringe in planned attack Singapore askST: Will assets seized in $3b money laundering case be sold at public auctions? Singapore Woman, 68, charged over assaulting maid with scissors and nail clipper Business StarHub first-half profit falls 41.7% to $47.9m; telco eyes 'more aggressive stance' amid competition Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength Bitcoin's surge has also sparked a broader rally in the asset class over the past few months, shrugging off the tremors of Mr Trump's wide-ranging tariff policies. According to data from CoinMarketCap, the crypto sector's overall market capitalisation has ballooned to over US$4.18 trillion (S$5.35 trillion), up from about US$2.5 trillion in November 2024, when Mr Trump won the US presidential election. The latest push for crypto adoption in the US came via an executive order on Thursday last week, which would ease access to the asset class in 401(k) retirement accounts. The executive order could also be a boost for asset managers such as BlackRock and Fidelity, which operate crypto exchange-traded funds (ETFs). Crypto's push into retirement savings can also be peppered with risks, as the asset class tends to experience much more volatility than stocks and bonds, which asset managers had typically relied on for such accounts. REUTERS

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