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'Stop Russian Gold Act' Seeks To Close Russian Sanction 'Loophole'

US
  • A bipartisan group of four senators led by Senator John Cornyn have introduced the ‘Stop Russian GOLD Act’ to impose sanctions upon anyone transacting or transporting Russian gold from Russia’s central bank holdings.
  • The Act reads: 'Currently, Russia is exploiting a loophole in the sanctions placed on its central bank that are allowing the government and oligarchs to launder money through gold. 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.'
  • Senator John Cornyn (R-TX) said: ‘Russia 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.’
  • Senator Maggie Hassan (D-NH) said: ‘This bipartisan bill closes a critical loophole that allows Russia to sell off its gold reserves to prop up its economy. The US and our allies must be steadfast in standing up to Russian aggression and ensure that we block any escape hatch Putin has in getting around the full weight of our sanctions.’
  • Full text can be read here.
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