Here's how these sanctions would work.
HOW MUCH GOLD DOES RUSSIA HAVE?
Russian gold purchases increased in 2014, after the U.S. issued sanctions on Russia for Putin's invasion of Crimea. Now the country holds $100 billion to $140 billion in gold reserves, which is roughly 20% of the holdings in the Russian Central Bank, according to U.S. officials. Additionally, the Bank of Russia announced Feb. 28, shortly after
were removed from the SWIFT bank messaging system, that it would resume the purchase of gold on the domestic precious metals market.The U.S. says Russia can and has used gold to support its currency as a way to circumvent the impact of sanctions. One way to do that is by swapping the gold for a more liquid foreign exchange that is not subject to current sanctions. Another way would be to sell the bullion through gold markets and dealers.
from the U.S. Treasury Department states that American individuals, including gold dealers, distributors, wholesalers, buyers, and financial institutions are generally banned from buying, selling or facilitating gold-related transactions involving Russia and the various parties that have been sanctioned.The move should further impact the country's ability to launder money and will in effect apply secondary sanctions on people who trade in gold with Russia, experts say.
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