US sanctions blunt the Russian Central Bank's ability to deploy international reserves including gold

Washington, March 25 In its latest action to impose severe costs on the Russ, the US Department of the Treasury's Office of Foreign Assets Control (OFAC) is designating key enablers of the invasion.

This includes dozens of Russian defense companies, 328 members of the Russian State Duma, and the head of Russia's largest financial institution. This action aligns with similar actions taken by the European Union, the UK, and Canada, and reflects continued unity to hold Russian President Vladimir Putin accountable for his war of choice.

It has also issued new directions to blunt the Russian Central Bank's ability to deploy international reserves, including gold, to prop up the Russian economy and fund Putin's brutal war. This guidance makes clear that any transaction involving gold related to the Central Bank of the Russian Federation is covered by existing sanctions.

OFAC is designating multiple companies that are part of Russia's defense-industrial base and that produce weapons that have been used in Russia's assault against Ukraine's people, infrastructure and territory.

Today's designations build on those levied by Treasury in previous weeks against key components of the Government of the Russian Federation that facilitate Putin's hostile campaign against Ukraine.

"The US, with our partners and allies, is striking at the heart of Russia's ability to finance and carry out its warfare and atrocities against Ukraine," said Secretary of the Treasury Janet L. Yellen.

"The Russian State Duma continues to support Putin's invasion, stifle the free flow of information and infringe on the basic rights of the citizens of Russia. We call on those closest to Putin to cease and condemn this cold-blooded war."

US Treasury has also issued new guidance on transactions with the Central Bank of the Russian Federation involving gold.

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