(PresidentialWire.com)- After President Joe Biden’s announcement that the United States will sanction all Russian oil and energy products by June of this year didn’t work, a bipartisan group of senators began working with the Treasury Department on new measures that might finally force Russia to withdraw troops from Ukraine.
Senators met with Treasury Secretary Janet Yellen last week to discuss the plans, which include a proposal that would prevent Russia from liquidating its large stash of gold. It could potentially mean that one of Russia’s last methods for circumventing the current economic sanctions will be blocked.
Yellen met with Senators Angus King, John Cornyn, Bill Hagerty, and Maggie Hassan this week to discuss the legislation, according to a Treasury spokesperson.
“Secretary Yellen regularly meets with members of Congress to discuss legislation,” the Treasury official told Fox. “Additionally, Treasury staff frequently provide technical assistance on sanctions bills.”
If passed, the legislation would impose sanctions on any American company or entity that buys or sells Russian gold. It would be potentially crippling for the Kremlin, which lost access to more than $600 billion in foreign currency after economic sanctions were imposed. Russia has as much as $132 billion worth of gold as of the end of January this year, constituting the fifth-biggest stockpile in the world.
Let’s be honest here, though…if the existing economic sanctions didn’t work, then why would this?
Putin seems adamant that he will continue his war offensive in Ukraine.