Following Bipartisan Push from King and Colleagues, Treasury Takes Steps to Close Russian Gold Loophole
Press Release
U.S. Senators Angus King (I-Maine), John Cornyn (R-Texas), Maggie Hassan (D-N.H.), and Bill Hagerty (R-Tenn.) released a joint statement today in appreciation of the Treasury Department's steps to prevent Putin from using Russian gold reserves to evade the effects of crippling international sanctions. The announcement comes one day after King and his colleagues spoke with Secretary Yellen to emphasize the importance of targeting Russian gold. The Senators have been vocal on this issue, and introduced the bipartisan Stop Russian Government and Oligarchs from Limiting Democracy (Stop Russian GOLD) Act to continue isolating Russia's economy.
"Putin's playbook is clear: he can and will use any loophole to evade sanctions and prop up the Russian economy," said the Senators. "In order to limit the effects of Russia's billions in gold assets, we must keep up the pressure and close any possible escape hatch Putin and his cronies will use to help fund their unconscionable war. It is important that the Treasury Department has heeded our calls and taken action to help prevent Russia from selling off its gold. We also urge Congress to pass our bipartisan Stop Russian GOLD Act and continue to strengthen these sanctions."
As a member of the Senate's Intelligence Committee, Armed Services Committee, and Energy and Natural Resources Committee, Senator King has forcefully condemned Russia's attacks on Ukrainian sovereignty and called for maximum economic pressure on Vladimir Putin and his oligarchs. Last weekend, King joined a bipartisan Congressional delegation to Poland and Germany where he met with NATO leaders, Ukrainian refugees, and U.S. servicemembers for a first-hand look at the humanitarian crisis and America's efforts to support Ukrainians. Senator King recently cosponsored a resolution condemning Russia's unprovoked invasion and calling for an investigation into war crimes, supported almost $14 billion in aid for Ukraine, has advocated for new sanctions against Putin, and called for maximum intelligence sharing with Ukrainian officials.
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