The US Treasury's Office of Foreign Assets Control (OFAC) imposed sanctions on June 25, 2026, against Gasabo Gold Refinery LTD, a Rwandan gold refinery, and several related individuals and entities. The sanctions prohibit any US person or institution from engaging in business with Gasabo Gold or its network. This action is a significant enforcement measure against the illicit gold trade originating from the Democratic Republic of Congo (DRC).
Gasabo Gold Refinery, established on May 26, 2022, in Kigali, Rwanda, is accused of acting as a crucial hub for laundering gold extracted from mines in South Kivu, which are controlled by the M23 armed group. The refinery was designated under Executive Order 13413, which targets entities that undermine peace and stability in the DRC. This move follows the Washington Accords for Peace and Prosperity, signed on December 4, 2025, an agreement aimed at creating transparent mineral supply chains in the Great Lakes region and curbing the financing of armed groups through illegal mining.
The M23 rebel group, which international investigations link to the Rwandan Defence Forces, controls substantial mining territories in both South Kivu and North Kivu provinces. Gold from these regions is reportedly funneled into the legitimate market through refineries like Gasabo Gold, allegedly with oversight from Rwandan military and paramilitary elements. Similar sanctions against the Gasabo Gold Refinery and its CEO, Francis Kamanzi, have also been imposed by the European Union, citing illegal trade in trafficked gold from M23-controlled sites and the exploitation of the armed conflict through illicit mineral trade.
The Sentry, an investigative group, estimates that Rwanda has exported over $800 million in illicit gold from Congolese mines controlled by M23 since the rebel offensive began in 2022. The M23 has significantly expanded its control over mining sites, smuggling routes, and border crossings in eastern Congo, even capturing major cities like Goma and Bukavu. This has impacted legitimate mining operations, with Toronto-listed Alphamin Resources Corp. recently halting operations at its high-grade Bisie tin mine due to security threats.
