Back in the 1980’s, 7.62×39 ammo was widely available in both the all-lead variety that we see today as well as the mass produced steel core variety. Since the rounds were only used in rifles, while the ammunition fit the definition of “armor piercing” as per the law, the ATF couldn’t touch it — only “armor piercing” handgun ammunition can be banned from sale. But then some damned fool designed the Draco 7.62×39 handgun, and the ATF jumped all over that like a fat kid on a bacon cheeseburger. Steel core 7.62×39 practically vanished overnight, and prices skyrocketed. Now, Black Horse Arsenal‘s new BHAKR54 might to do the same thing to 7.62x54R ammo . . .
This isn’t to say that Black Horse Arsenal is doing anything wrong — the real issue is that the law (as written) makes no sense and does nothing to save lives. But the introduction of a commercially available handgun in 7.62x54R might be the just excuse the ATF needs to stop all imports of steel core ammunition.
Keep in mind that cheap 7.62x54R ammo and Mosin Nagant rifles fuel a lot of new gun owners and you can see where this might become a problem. Ammunition from other sources is available already, but at a higher price point than the spam cans filled with ammo that are found buried across the Motherland and imported into the United States.
[UPDATE: Several commenters point out below that the graphic above is a Photoshop, not a photograph, and this pistol may very well be vaporware. The company’s track record on things like this appears to be not great.]