Following Push from Senators Hagerty, Hassan, Cornyn, & King, Treasury Takes Steps to Close Russian Gold Loophole

March 24, 2022

WASHINGTON—United States Senators Bill Hagerty (R-TN), Maggie Hassan (D-NH), John Cornyn (R-TX), and Angus King (I-ME) today released a joint statement praising the United States Treasury Department for taking steps to prevent Vladimir Putin from using Russian gold to evade sanctions. The announcement follows the Senators’ introduction of the bipartisan Stop Russian Government and Oligarchs from Limiting Democracy (Stop Russian GOLD) Act and their call with Secretary Yellen yesterday on the issue.

“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.”