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Tags: economy | gold | treasury | janet yellen | assets | russian | sanctions

Senators, Yellen to Discuss Freezing Russia's Gold Assets

janet yellen testifies before congress in her confirmation hearing
Treasury Secretary Janet Yellen (Olivier Douliery/AP)

By    |   Tuesday, 22 March 2022 10:21 PM EDT

A bipartisan group of senators is working with the Treasury Department to freeze all of Russia's nearly $132 billion in gold reserves, Axios reported Tuesday.

Treasury Secretary Janet Yellen will talk to Sens. Angus King, I-Maine; John Cornyn, R-Texas; Bill Hagerty, R-Tenn.; and Maggie Hassan, D-N.H. later this week to discuss the move, sources familiar with the meeting told the outlet.

"Secretary Yellen regularly meets with members of Congress to discuss legislation," a department spokesperson told Axios. "Additionally, Treasury staff frequently provide technical assistance on sanctions bills."

Lawmakers had initially attempted to slip the measure into the omnibus spending bill, which passed earlier this month, but were unable to. Since then, congressional offices have worked with the Treasury Department to flesh out technical issues.

The bill's target, Russian gold, has been stockpiled by the country since the U.S. sanctioned Russia following President Vladimir Putin's 2014 annexation of Crimea.

Since then, the Kremlin has allegedly used the gold reserves to launder money and foreign exchange in unregulated markets.

Gold "is a fourth of their reserves, and we don't want them to be able to monetize the gold and undercut the effect of the sanctions," King told the outlet.

On the House side, another bipartisan group has released a similar bill. The co-sponsors include Reps. Elissa Slotkin, D-Mich.; and Mikie Sherrill, D-N.J., as well as Reps. Joe Wilson, R-S.C.; and Brian Fitzpatrick, R-Pa.

Apart from Congress, President Biden also has the authority to enact measures to lock down the reserves.

© 2022 Newsmax. All rights reserved.


Politics
A bipartisan group of senators is working with the Treasury Department to freeze all of Russia's nearly $132 billion in gold reserves, Axios reported Tuesday.
economy, gold, treasury, janet yellen, assets, russian, sanctions
248
2022-21-22
Tuesday, 22 March 2022 10:21 PM
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