G-7 nations bolster stance against Russia

  • G-7 nations restrict Russian Central Bank's use of gold in transactions; the US announces new sanctions against elites

  • Group of Seven leaders have announced they are restricting the Russian Central Bank's use of gold in transactions, while the US announced a new round of sanctions targeting more than 400 elites and members of the Russian State Duma.

  • Previously, sanctions against Russian elites, the country's Central Bank and President Vladimir Putin did not impact Russia's gold stockpile, which Putin has been accumulating for several years. Russia holds roughly $130 billion in gold reserves, and the Bank of Russia announced Feb 28 that it would resume the purchase of gold on the domestic precious metals market.

  • White House officials said Thursday the move will further blunt Russia's ability to use its international reserves to prop up Russia's economy and fund its war against Ukraine

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