icon bookmark-bicon bookmarkicon cameraicon checkicon chevron downicon chevron lefticon chevron righticon chevron upicon closeicon v-compressicon downloadicon editicon v-expandicon fbicon fileicon filtericon flag ruicon full chevron downicon full chevron lefticon full chevron righticon full chevron upicon gpicon insicon mailicon moveicon-musicicon mutedicon nomutedicon okicon v-pauseicon v-playicon searchicon shareicon sign inicon sign upicon stepbackicon stepforicon swipe downicon tagicon tagsicon tgicon trashicon twicon vkicon yticon wticon fm
24 Mar, 2022 17:26

US goes after Russian gold

Washington looks to block Moscow from selling bullion on international markets
US goes after Russian gold

The US Treasury Department on Thursday issued guidance on its website warning that gold-related transactions involving Russia may be subjected to sanctions by US authorities. The move is aimed at stopping Russia from evading existing sanctions, the statement said.

“Our purpose here is to methodically remove the benefits and privileges Russia once enjoyed as a participant in the international economic order,” an unnamed senior administration official was quoted as saying by Reuters.

The United States and its allies have already imposed several rounds of sanctions, including targeting the country’s largest lenders and foreign reserves. The new restrictions could deter international banks from buying or lending against Russia’s reserves.

Russia holds roughly $130 billion in gold reserves, the world’s fifth-biggest stockpile. The country ramped up gold purchasing in 2014, following the initial US sanctions over the Ukraine crisis. Moscow has more than doubled its holdings since then. 

For more stories on economy & finance visit RT's business section

Podcasts
0:00
23:13
0:00
25:0