US imposes sanctions on 2,300 tonnes of Russian gold
The US Treasury announced a ban on gold dealing with Russia, targeting for the first time the country’s 2,300 tonnes of gold reserves worth $140 billion.
“US citizens are prohibited from engaging in any transactions, including gold transactions, involving the Central Bank of Russia, the Russian National Financial Fund or the Russian Ministry of Finance,” the US Treasury said Tuesday.
The US Treasury said the gold trading ban was implemented under an executive order by President Joe Biden.
Employees hold gold bars in the city of Krasnoyarsk, Siberia, Russia, on March 10. Photo: Reuters.
The statement came after the United States announced a new round of sanctions targeting 48 state-owned defense companies, 328 lawmakers and dozens of Russian oligarchs.
Russia has spent years building up the world’s fifth largest gold reserve, totaling about 2,300 tonnes, worth up to $140 billion. Russia’s gold reserves have been targeted by the US and its allies because selling gold could increase the value of the ruble, which has fallen in the wake of Western economic and financial sanctions.
British Prime Minister Boris Johnson said on March 24 that the country recognized signs that Russia was using gold to evade sanctions, adding that London would take action to ensure Russia could not sell gold.
The US and its Western allies have imposed several rounds of sanctions against Russia, including removing Russian banks from the SWIFT international payments system. The US also imposed a ban on imports of Russian oil, diamonds, seafood and vodka. The country and its allies also removed most favored country status with Russia, paving the way for raising tariffs on Russian goods.
Finance America also impose sanctions on Russian President Vladimir Putin, froze its assets and interests in the US. However, this measure is considered only symbolic.
Russia then banned the export of more than 200 items in telecommunications, health care, automobiles, agriculture, electrical engineering and technology until the end of 2022 in response. Moscow also imposed sanctions on the President and several top US officials, barring them from entering Russia.
Ngoc Anh (Based on Bloomberg)
at Blogtuan.info – Source: vnexpress.net – Read the original article here
