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US introduces a bill sanctioning Russia’s gold reserves

The US has been taking the opportunity of the Russia-Ukraine war situation to cut Russia off globally. I say this as the US introduces a bill sanctioning Russia’s gold reserves. This will discourage the purchasing of Russian Gold, which will make sure that the economic sanctions have a proper impact. It will also isolate Russia from the world economy and make it difficult for Putin to increase the difficulty of maintaining their military campaign.

US sanctioning Russia’s gold reserves

The US senators involved in the sanctions of Russia’s gold reserves are Maggie Hassan, Bill Hagerty, Angus Kind, and John Cornyn. Their goal with the Gold sanctions is to put pressure on Russia until they back off from their invasion. This is a direct attack on democracy, according to the Senators.

US sanctioning Russia's gold reserves

With these new laws passed by the US, things will get even more complicated from here on for Russia. This is because Gold is one of the few assets that were still available to Putin to improve the economy of the nation. Now, if the senators are able to cut them off from the global economy altogether, things will get difficult. Russia has been laundering money, or at least they were planning to, by the sale and purchase of Gold.

The US senator explained that Russia is buying Gold to offset the fall of the ruble and sell it in foreign markets for other currencies. So, the sanctions apply to anyone that buys or sells Gold in Russia or is traveling with Russia’s central bank gold.

Crypto can’t save Russia

While cryptocurrencies can be an excellent way for ordinary citizens to prevent further devaluation of their money, for the country, crypto can’t save the economy. The G7 countries and EU are already taking steps to prevent the use of cryptocurrencies as a way to evade sanctions. At the same time, it is essential to consider that crypto markets aren’t big enough that can actually benefit Russia. The limited size of the market would make it impossible for Russia to pour in billions of dollars without noticing.


What are your thoughts as the US introduces a bill sanctioning Russia’s Gold? And do you think this is the final nail in the coffin for Russia? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.

Also Read: Bitcoin inflow in exchanges are net negative since July 2021

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