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Chances are this is the old chinese stuff... it had a mild-steel core and isn't considered "armor piercing" last I checked. What I would suggest is ATF has some rulings on what is considered "armor piercing pistol ammunition". Here's the text of the law:

The definition of ap ammo is at 18 USC 921(a)(17):
"(B) The term `armor piercing ammunition' means-

(i) a projectile or projectile core which may be used in a handgun and
which is constructed entirely (excluding the presence of traces of other
substances) from one or a combination of tungsten alloys, steel, iron, brass,
bronze, beryllium copper, or depleted uranium; or

(ii) a full jacketed projectile larger than .22 caliber designed and
intended for use in a handgun and whose jacket has a weight of more than 25
percent of the total weight of the projectile.

(C) The term `armor piercing ammunition' does not include shotgun shot
required by Federal or State environmental or game regulations for hunting
purposes, a frangible projectile designed for target shooting, a projectile
which the Secretary finds is primarily intended to be used for sporting
purposes, or any other projectile or projectile core which the Secretary
finds is intended to be used for industrial purposes, including a charge
used in an oil and gas well perforating device."


The thing to keep in mind is that ATF considers it pistol ammunition if it is in a caliber that a pistol has ever been chambered for, in this case the 7.62 has been chambered in krinkov pistols.

From a usenet post:

If you are NOT a (FFL) licensee under the Gun Control Act (an individual):
ok to OWN AP ammo
ok to SELL AP ammo
ok to BUY AP ammo
ok to SHOOT AP ammo
NOT ok to MAKE AP ammo (18 USC 922(a)(7))
NOT ok to IMPORT AP ammo (18 USC 922(a)(7))
The only persons who can make AP ammo are holders of a type 10
FFL, also needed to make destructive devices, and ammunition for
destructive devices. The only persons who can import AP ammo
are holders of a type 11 FFL, who can also import DD's and ammo
for DD's. The FFL's cost $1000 a year.

Armor-piercing ammunition definition (James O. Bardwell)

So it looks like you are in the clear
 
Sooooo does that mean... If I had hardened steel core bullets and wanted to reload with them I could? Seeing as your going to pay approx $1 a round for the steel core china stuf, is it possable to buy hardened steel core bullets and reload with them. If so I would have to buy them from a specialty licenced individual? Since importation is illegal.

From what I understand on the subject is that the government is trying to dry up our resource of "AP" or steel core ammo. That's kinda S-ie
 

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