US, G7 freeze Russian gold amid Ukraine war: All you need to know

As the Russia-Ukraine war enters its second month, Western powers have taken new action aimed at destabilising Russia’s sanctions-hit economy following its invasion of Ukraine last month.

On Thursday, the United States and its allies announced further sanctions targeting Russia’s defence sector, among others, and blocked financial transactions involving the Russian central bank’s international reserves of gold.

Experts say the transactions ban would in effect apply secondary sanctions on people who trade in gold with Russia.

“It is another way to close sanctions loopholes, and increase economic pressure on Russian entities,” Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security, told The Associated Press news agency.

Read the full story and more from Al Jazeera.

Leave a Reply

Your email address will not be published. Required fields are marked *