SCOOP: A bipartisan group of senators is working with Janet Yellen to lock down Russia's roughly $132B in gold reserves after its invasion of Ukraine. Russia’s gold reserves can possibly be used by government officials and oligarchs to launder money.
A bipartisan group of senators is working with the Treasury Department to try to lock down Russia's roughly $132 billion in gold reserves after its invasion of Ukraine.The collaborative approach is a departure from congressional efforts to shame and blame the Biden administration to shape moves on Russian oil imports, or the SWIFT banking system.
King said it could pass the Senate as soon as this week. Lawmakers originally wanted to slip it into the omnibus spending bill that passed this month. A Treasury spokesperson told Axios, “Secretary Yellen regularly meets with members of Congress to discuss legislation. Additionally, Treasury staff frequently provide technical assistance on sanctions bills."can be used by its government officials and oligarchs to launder money or for foreign exchange in unregulated markets.
The Kremlin began stockpiling gold in 2014 — when the U.S. applied new sanctions for its annexation of Crimea.
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