On 8 March, US Senators John Cornyn, Bill Flagerty, Maggie Hassan and Angus King have introduced a bill to impose sanctions on transactions with Russia’s gold assets, in a bid to eliminate possible loopholes in current sanctions regime that allows the Russian government to transfer money to gold.
“Secretary Yellen regularly meets with members of Congress to discuss legislation. Additionally, Treasury staff frequently provide technical assistance on sanctions bills," a US Treasury official told Axios.
According to the media, the legislation would deter the purchase of Russian gold by applying secondary sanctions to any American entities that transport or make transactions with Russian gold.
On 24 February, Russia launched a special military operation in Ukraine in response to calls from the Donetsk and Lugansk people's republics to protect them from intensifying attacks by Ukrainian troops. The Russian Defence Ministry said the special operation is targeting Ukrainian military infrastructure and the civilian population is not in danger. The United States and its allies have responded by imposing comprehensive sanctions against Russia.