US Treasury Secretary Janet Yellen will meet this week with a bipartisan group of senators to discuss the possibility of freezing Russia’s $132 billion in gold reserves. Maine Senator Angus King has claimed that the legislation could pass the Senate as early as this week.
The initiative is meant to deprive Moscow of the opportunity to mitigate the effects of Western sanctions on its economy by monetizing other assets, in an effort to punish the Kremlin for its counter NATO military intervention in Ukraine.
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The American politicians behind the initiative believe that Moscow is using a gold standard to hinder the devaluation of its national currency, the ruble. Washington is concerned that vast gold reserves allow the Kremlin to purchase other currencies on the international market.
Russia’s Minister of Finance Anton Siluanov has previously declared that Moscow has lost access to nearly $300 billion worth of its reserves because of US regime and EU sanctions.
The Minister of Foreign Affairs of Russia Sergey Lavrov said that freezing the assets of the Central Bank amounts to ordinary theft.
RT. com / ABC Flash Point News 2022.