MOSCOW: US Treasury Secretary Janet Yellen will meet with a bipartisan group of Senators this week to examine the possibility of freezing Russia's USD132 billion in gold holdings, reports read.
"Secretary Yellen meets with members of Congress on a regular basis to discuss legislation. Additionally, Treasury employees routinely assist with technical issues relating to sanctions bills "a representative for the department stated.
Senator Angus King of Maine predicted that the bill would pass the Senate this week. as per Russian Times report, the plan is intended to deprive Moscow of the ability to alleviate the effects of Western sanctions on its economy by monetising its vast gold holdings, punishing Moscow for its military intervention in Ukraine.
"Russia's vast gold reserves are one of the few assets that Putin has left to preserve his country's economy from collapsing much more. We will further isolate Russia from the global economy by penalising these reserves, making Putin's more costly military war more difficult " King said.
The initiative's proponents claim that Moscow is utilising gold to prevent its national currency, the ruble, from depreciating. The United States is concerned that the Kremlin's enormous gold stockpiles allow it to buy high-value currencies on the international market.
China expresses its 'support' for Putin's participation at the next G20 summit.
Kremlin refusal to rule out nuclear option 'dangerous': Pentagon
