US sanctions Russia’s $130 billion gold vault
(Dan Tri) – The US administration has launched sanctions against Russia’s $130 billion gold reserves to prevent Moscow from dealing with current difficulties from Western sanctions.
The US launched measures to target Russia’s gold reserves (Artwork: Getty).
Bloomberg On March 24, it was reported that the Ministry of Finance The US has issued a notice saying that gold transactions with Russia will be banned, citing an executive order signed by US President Joe Biden.
This is considered the first time that the US Treasury Department has instructed the gold market to stop trading with sanctioned entities of Russia.
“US citizens are prohibited from engaging in any transactions – including those involving gold – involving the Central Bank of the Russian Federation, the National Financial Fund of the Russian Federation or the Ministry of Finance Russian Federation”, the US Treasury Department wrote.
The statement came as the US announced a new package of sanctions against Russian elites, lawmakers and defense companies aimed at increasing pressure on Moscow to end the campaign. military in Ukraine.
On the same day, March 24, British Prime Minister Boris Johnson said that they are observing signs that Russia is using gold to “evade” sanctions. He added that the country is taking steps to ensure Russia cannot sell bullion.
Before that, according to RT, The US Treasury Department on March 24 posted a guidance document on its website, warning that the US government may launch sanctions related to Russia’s gold reserves.
Reuters “Our aim here is to remove the benefits and privileges that Russia once enjoyed as a participant in the international economic order,” a senior official was quoted as saying, speaking on condition of anonymity. .
The US and its allies have rolled out sanctions against Russia, including targeting Moscow’s biggest foreign exchange reserves and lending institutions. The new restrictions could prevent international banks from buying or lending Russian reserves.
Russia currently has a gold reserve worth 130 billion USD, the fifth largest in the world. Russia has been ramping up its gold purchases since 2014, after it was sanctioned by the West for its annexation of Crimea. Russia has doubled its gold reserves in the past eight years.
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