The U.S. and Europe announced they are restricting the Russian Central Bank’s use of gold in transactions.
Previously, sanctions against Russian elites, the country’s Central Bank and President Vladimir Putin did not impact Russia’s gold stockpile, which Putin has been accumulating for several years. Russia holds roughly $130 billion in gold reserves, and the Bank of Russia announced Feb. 28 that it would resume the purchase of gold on the domestic precious metals market.
Meanwhile, the Biden administration announced more sanctions targeting 48 state-owned defense companies, 328 members of the Duma, Russia’s lower parliament, and dozens of Russian elites. The Duma as an entity was also named in the new sanctions.
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