The sanctions in this legislation 'would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions.'
Four U.S. senators are introducing a bill to place sanctions on Russia’s gold. “This legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions,” the senators explained.
“The free world’s sanctions are devastating Russia’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 Russia’s gold reserves.”Russia’s gold supply is one of the few remaining assets that Putin can use to prop up his country’s economy.
The senators’ announcement explains that “The Russian 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 secondary sanctions in this legislation would deter the purchase of Russian gold and close this loophole that allows the Russian Federation to soften the financial impact of sanctions.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Russia-Ukraine War: Day 14 has more fighting after U.S. bans Russian oilUkraine's president says he's open to talks with Russia, but still wants a no fly zone. U.S. and allies say they'll use less Russian oil.
Read more »
Russia warns oil could hit $300 a barrel if US, EU cut off Russian oilRussia warns oil prices could hit $300 a barrel if the US and Europe reject Russian oil, says the move would have 'catastrophic consequences'
Read more »
Biden bans Russia oil imports to U.S., warns U.S. gasoline prices will rise furtherU.S. President Joe Biden announced a ban on Russian oil and other energy imports on Tuesday in retaliation for the invasion of Ukraine, underscoring strong bipartisan support for a move that he acknowledged would drive up U.S. energy prices.
Read more »
Russia-Ukraine live updates: Ukraine claims Russian general was killed in fightingBREAKING: Coca-Cola announces the company is joining McDonald’s and Starbucks in suspending their operations in Russia.
Read more »
Ukraine rejects Russian offer to let civilians flee its assault — to Russia“Our people won’t go to Belarus and to Russia,” Ukraine's vice prime minister said Monday, branding Moscow's unilateral announcement of humanitarian corridors “unacceptable.”
Read more »
Russia-Ukraine war: Russian military commander POW claims forces were told 'Nazis' had overtaken UkraineA Russian military commander and prisoner of war said he and his forces were led to believe they were invading the country because 'nationalists, Nazis have seized power.'
Read more »