You can keep your AK-47, Treasury says

New transactions with the Kalashnikov company were banned after July 16 as US sanctions kick in. But current gun owners are fine.

By MSN Money Partner Jul 22, 2014 12:32PM
Credit: © PhotoXpress/ZUMA Press/Corbis
Caption: Mikhail Kalashnikov, soviet-Russian arms designer with his Kalashnikov machine gun at the exhibition in Kremlin museumBy Dan Goldstein, MarketWatch

If you like your AK-47, you can keep your AK-47. That’s the message from the U.S. Treasury Department to U.S. gun owners.

Despite slapping sanctions on the famed assault-rifle maker Kalashnikov last week, along with other Russian defense companies, in response to suspected Russian involvement in the shoot-down of the Malaysian jetliner over the Ukraine, the Treasury's Office of Foreign Assets Control (OFAC) says U.S. owners of the weapons can still own them and resell them at gun shows so long as they don't owe the parent company any money.


"If a U.S. person is in possession of a Kalashnikov Concern product that was bought and fully paid for prior to the date of designation (i.e., no payment remains due to Kalashnikov Concern), then that product is not blocked and OFAC sanctions would not prohibit the U.S. person from keeping or selling the product in the secondary market, so long as Kalashnikov Concern has no interest in the transaction," the Treasury Department states on its website in a frequently asked questions section.


Kalashnikov -- named for Mikhail Kalashnikov (pictured), a World War II veteran who developed his now-famous rifle after he was wounded in combat in 1941 -- is the largest firearms producer in Russia and is a subsidiary of Russia's State Corporation of Russian Technologies, or Rostec.


New transactions with the Kalashnikov company were prohibited as of July 16, which is likely to hurt gun dealers who won't be able to import any new Kalashnikov models.


Atlantic Firearms of Bishopville, Md., which sells AK-47 and AK-74 model rifles, notes on its website that "due to the recent Import Ban on Russian Based AK firearms we are experiencing heavy order volumes." A Russian-made AK-47 model lists for between $849 and $1,049 on the Atlantic Firearms site. On its Facebook page, Atlantic Firearms reports that it sold over 400 weapons the day after the ban was announced and that its inventory is "drastically low."


Atlantic Firearms President Blaine Bunting tells MarketWatch he'll still be allowed to import Polish, Romanian and other Eastern bloc–made copies of the Kalashnikov, which run about $500 to $800, to his warehouse near Ocean City.


He says the Obama administration has an ulterior motive in banning the Russian imports, which make up about 30 percent of his sales because of what he called the "mystique" of the famed weapon. "This is just one step in the anti-gun strategy to slowly cut off all imports, then go for the domestic market," he says. "It's awfully convenient this got thrown into the sanctions mix."


In a July 18 posting on its site, Rostec said that the U.S. market is one of "high demand" for the company and that "the sanctions of the United States government against Kalashnikov Concern go against the interest of American consumers," stating that preorders are currently running three times higher than annual deliveries.


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Tags: RGRSWHC
575Comments
Jul 22, 2014 2:03PM
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let us all remember what happened in countries where the citizens guns were taken away
ps us citizens have one of the best arsenals in the world


GOD BLESS AMERICA
Jul 22, 2014 2:28PM
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Is this just like, if you like your health insurance, you can keep it?
Jul 22, 2014 1:18PM
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Most of us weren't concerned.

Molon Labe.



Jul 22, 2014 2:30PM
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AK 47s are made in several different countries including the USA.
Jul 22, 2014 2:07PM
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Boy, the price of these things sure has gone up. I got one several years ago for about $300.
Jul 22, 2014 5:33PM
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Come and try to take them...  I suggest you bring lots of body bags...  Many people will defend the Constitution against all enemies, foreign and DOMESTIC.  


Remember to VOTE out all the socialist democrat SCUMBAGS in November.  Defend the Constitution and America against these Marxists.

Jul 22, 2014 1:53PM
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"Happiness is a warm gun-yeah, yeah, yeah" ! 'The Beatles'
Jul 22, 2014 5:04PM
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Mine were going nowhere regardless of what anyone said.

Jul 22, 2014 7:11PM
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Thats what obama said about our health care, never can trust a democrat.

Jul 22, 2014 6:20PM
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The "treasury" can say what they want, Its America. With that's said, I will do what ever I want, and the treasury will not tell me what I can and not do.  I have that piece of paper that these United States is based on... It is called "The Constitution of These United States of America".  God bless the United States.
Jul 22, 2014 4:23PM
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i was going to anyway. and keep anyother thing i want and own.  time for a reality check here people   whoe works for who?? the government is supposed to work for us and not control us.   time for a new leader o heck any leader as we have been without one for over 5 years now
Jul 22, 2014 6:53PM
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You mean I can keep my AK just like I was told by Obammy that I can keep my doctor???
Jul 22, 2014 3:43PM
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So there is no restriction on buying Springfield M1As or any number of US made CAR-15/semi-auto M4 copies, but you complain about restrictions that prevent you from buying what is nothing more than a rifle caliber sub-machine gun made for peasants with no experience at maintaining machinery. The ballistics are similar to a .30-30, not as powerful as 7.62mm NATO (.308 Winchester) or with the wound ballistics and flat trajectory of the 5.56mm NATO (.223 Remington). The sights are laughably out-dated, with a short radius that induces aiming errors. Combined with a 14.5 inch barrel, it has lousy accuracy at anything over 200 yards. The safety/selector switch makes so much noise it can be heard for hundreds of yards. When capable of automatic fire, the lousy compensator/muzzle flash hider/brake and the short barrel and angled stock and unbuffered bolt produce rapid recoil rise. About the only thing in its favor against an M16/M4 type weapon is that it will operate under any conditions with little maintenance. It's a lousy hunting or target rifle and a worse combat rifle. The only people who buy these things are people ignorant of basic firearms knowledge. So why would you want to spend money making Putin richer, buying Russian weapons, when you can buy a good quality M4 semi-auto for $500-600.
Jul 22, 2014 3:55PM
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Sure you can keep your AK47, hell you can even buy a new one. Don't do a damn bit of good WITHOUT AMMO. 
Jul 22, 2014 3:55PM
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Joe Biden says, shot guns are better for home protection!
Jul 22, 2014 5:04PM
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I WILL,I WILL KEEP ALL OF MY ARMORY...I I'M THE N.R.A.!!!!!!  ARE YOU ?BE THERE ON NOVEMBER  4 TO SUPPORT........
Jul 22, 2014 5:53PM
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this needs to be challenged...I should be able to buy any assault rifle as long as it is not fully automatic
Jul 22, 2014 4:00PM
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"When you absolutely, positively, have to kill every MF in the room! AK-47!!!"
Jul 22, 2014 10:12PM
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When your guns are gone, you will be enslaved.
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