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G7 curbs Russian central bank’s gold use

G7 leaders say they are restricting the Russian central bank’s use of gold in transactions while the US has announced a new round of sanctions targeting more than 400 elites and members of the Russian State Duma.

Previously, sanctions against Russian elites, the country’s central bank and President Vladimir Putin did not affect Russia’s gold stockpile, which the country has been accumulating for several years.

Russia holds roughly $US130 billion ($A174 billion) in gold reserves and the Bank of Russia announced on February 28 that it would resume the purchase of gold on the domestic precious metals market.

White House officials said on Thursday the move will further blunt Russia’s ability to use its international reserves to prop up Russia’s economy and fund its war against Ukraine.

The administration of US President Joe Biden announced more sanctions targeting 48 state-owned defence companies, 328 members of the Duma, Russia’s lower parliament, and dozens of Russian elites.

The Duma as an entity was also named in the new sanctions.

The G7 and the European Union also announced a new effort to share information and co-ordinate responses to prevent Russia from evading the impact of sanctions that countries have levied since the February 24 invasion.

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