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Senators seek to freeze Russian gold reserves
Good luck with that silly posturing.
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By Sharon Udasin
The Hill, Washington
Tuesday, March 8, 2022
A bipartisan group of senators today offered legislation to freeze Russia's gold reserves, arguing the move would make it more difficult for Moscow to avoid the pain from international sanctions imposed over the country's invasion of Ukraine.
"The free world’s sanctions are devastating Russia's economy -- and as long as Putin continues his unprovoked and horrific invasion of Ukraine, we must keep up the pressure," Sen. Angus King, I-Maine, said in a statement announcing the legislation. "Russia's massive gold supply is one of the few remaining assets that Putin can use to keep his country's economy from falling even further."
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The Stop Russian Government and Oligarchs from Limiting Democracy Act would apply secondary sanctions to American entities that intentionally transacted with or transported gold from Russia's central bank holdings.
Americans would also be subject to sanctions if they sold gold physically or electronically in Russia, according to the proposal, sponsored by King and fellow Sens. John Cornyn, R-Texas, Bill Hagerty, R-Tenn., and Maggie Hassan, D-N.H. The bill would also provide guidance to Americans as to how they could avoid such sanctions, the senators explained. ...
... For the remainder of the report:
https://thehill.com/policy/finance/597332-senators-seek-to-freeze-russian-gold-reserves
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