US Lawmakers Introduce Bill to Sanction ’s Gold

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US Lawmakers Introduce Bill to Sanction 's Gold

Four U.S. senators are introducing a bill to place sanctions on ’s gold. “This legislation would deter the purchase of n gold and close this loophole that allows the n Federation to soften the financial impact of sanctions,” the senators explained. “By sanctioning these reserves, we can further isolate  from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign.”

US Lawmakers Seek to Sanction ’s Gold

U.S. Senators John Cornyn (R-TX), Maggie Hassan (D-NH), Bill Hagerty (R-TN), and Angus King (I-ME) announced Tuesday the introduction of the “Stop n Government and Oligarchs from Limiting Democracy (Stop n GOLD) Act.”



“The free world’s sanctions are devastating ’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 ’s gold reserves.”







In a follow-up tweet, he explained:

’s gold supply is one of the few remaining assets that Putin can use to prop up his country’s economy. By sanctioning these reserves, we can further isolate  from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign.

Senator Cornyn described: “ has taken a page out of Venezuela’s book by exploiting a loophole in current sanctions that allows them to launder money through the purchase and sale of gold.”



The senators’ announcement explains that “The n 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 bill “would apply secondary sanctions to anyone transacting with or transporting gold from ’s central bank holdings or selling gold physically or electronically in ,” the announcement adds, elaborating:

The secondary sanctions in this legislation would deter the purchase of n gold and close this loophole that allows the n Federation to soften the financial impact of sanctions.

Senator Hagerty opined: “These bipartisan secondary sanctions on ’s gold transactions will build on the Biden administration’s recent  sanctions and further choke off ’s economy from capital.”







Meanwhile, a number of senators are concerned about  evading sanctions using cryptocurrency, including Senator Elizabeth Warren.



The G7 countries and the European Union have already said that they are taking measures to prevent cryptocurrency from being used to evade sanctions. In addition, the U.S. Treasury Department said it is monitoring crypto activities to prevent sanctions evasion.



However, a number of experts have said that cryptocurrency is not an effective tool to evade sanctions for , including the CEOs of cryptocurrency exchanges Coinbase and Binance.



Carol House, the director of cybersecurity for the National Security Council, concurred. She stated: “The scale that the n state would need to successfully circumvent all U.S. and partners’ financial sanctions would almost certainly render cryptocurrency as an ineffective primary tool for the state.”



What do you think about U.S. senators introducing a bill to sanction ’s gold? Let us know in the comments section below.

Source: US Lawmakers Introduce Bill to Sanction 's Gold