The United States plans to block 132 billion dollars. gold reserves of Russia – Axios .
Ukraine , Ukrainegate , 23 , March , 2022 | War News
The Minister of Finance of the United States Janet Ellen will discuss a bill to impose sanctions on those involved in transactions with gold from the reserves of the Central Bank of Russia for 132 billion dollars, the portal Axios .
Quote
“A bipartisan group of senators is working with the finance ministry to try to block Russia’s gold reserves worth about $ 132 billion after its invasion of Ukraine,” the newspaper said.
Details
US Treasury Secretary Janet Ellen will meet this week with Senators Angus King, John Cornin, Bill Gagerty and Maggie Gassan to discuss relevant legislative initiatives, people familiar with the plans told Axios.
Representatives of Congress reportedly worked with the US Treasury over the weekend to make some technical changes to the bill. “Minister Ellen meets regularly with members of Congress to discuss legislation. In addition, Treasury officials often provide technical assistance on sanctions bills,” said a spokesman for the US Treasury Department.
“The law will impose secondary sanctions on any US organization that knowingly trades in gold or transports gold from Russia’s central bank assets. They also face sanctions if they sell gold in Russia physically or electronically,” the paper said.
King said the US Senate could approve the initiative as early as this week.
Addition
According to the publication, Russia’s gold reserves can be used by government officials and oligarchs to launder money or currency in unregulated markets.
The Kremlin began hoarding gold in 2014 when the United States imposed sanctions on its annexation of Crimea.
Now that the ruble is falling, Russia’s bank is reportedly starting to buy gold again, stopping before prices rose at the start of the pandemic.
The current sanctions against Russia already cover all transactions involving Russia’s central bank, finance ministry and national wealth fund, including gold.
Gold “is a quarter of their reserves, and we don’t want them to monetize gold and undermine sanctions,” said Senator King.
Source: Ukrgate