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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum
GLD 378.35+2.7%Nov 10 4:00 PM EST
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To: bull_dozer who wrote (194528)12/12/2022 3:03:51 PM
From: bull_dozer  Read Replies (1) of 217656
 
Defense bill takes aim at Russia’s pot of gold

A must-pass defense bill now being negotiated in Congress includes new sanctions designed to trip up Russia’s war machine by targeting Moscow’s mountain of gold.

The legislative text of the National Defense Authorization bill for fiscal 2023 includes language from a bipartisan bill introduced in March that would make it harder for Russian President Vladimir Putin to use gold to prop up the ruble.

If passed, the defense bill would directly sanction any American entities that knowingly transact with or transport gold from Russia’s central bank holdings.

The restrictions, tucked inside the 4,400-page legislative text, would similarly penalize American entities that sell gold physically or electronically in Russia.

“Russia’s massive gold supply is one of the few remaining assets that Putin can tap to bankroll his country’s violent, bloody expansionism,” Sen. Angus King, an independent from Maine who co-sponsored the March bill, told CNN in an exclusive statement. “By sanctioning these reserves, we can further isolate Russia from the world’s economy and increase the difficulty of Putin’s increasingly-costly military campaign.”

In the years before invading Ukraine, Russia amassed a war chest of gold.

As of mid-2021, Russia’s central bank held $127 billion worth of gold, according to the Central Bank of Russia. The gold is stored at vaults within the territory of the Russian Federation, the Russian central bank has said.

edition.cnn.com
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