“By sanctioning these reserves, we can further isolate Russia from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign,” said the senator. gold
Four U.S. senators are introducing a bill to place sanctions on Russia’s gold. “This legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions,” the senators explained.
“The free world’s sanctions are devastating Russia’s economy — and as long as Putin continues his horrific invasion, we must keep up the pressure,” Senator King tweeted. He added that he has joined Senators Cornyn, Hassan, and Hagerty “to introduce sanctions on Russia’s gold reserves.”Russia’s gold supply is one of the few remaining assets that Putin can use to prop up his country’s economy.
The senators’ announcement explains that “The Russian Federation is purchasing gold to offset the devaluation of its currency, the ruble, and is then selling that gold on international markets in exchange for high-value currency.” The secondary sanctions in this legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions.