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U.S. Targets Russia’s Giant Stash of Gold in New Sanctions

  • The ban on business with Russia is the first for gold markets
  • Announcement comes as U.S. announces new Russian sanctions
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U.S. Plans New Sanctions on Political Figures, Oligarchs
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The U.S. Treasury issued a notice that gold transactions with Russia are prohibited, citing executive orders signed by President Joe Biden.

The directive is the first time the agency has made it clear to the gold market to stop dealing with sanctioned Russian entities. Russia has spent years building the fifth biggest stash of gold in the world, and it’s being targeted now because sales of it could shore up the ruble, which has plunged as global economies isolate Russia following its invasion of Ukraine.