US sanctions against the Russian Federation will affect gold transactions. For the Central Bank of the Russian Federation, the possibility of using gold and foreign exchange reserves was limited. This was reported by the press service of the US Treasury.

The United States, with our partners and allies, is striking at the heart of Russia’s ability to finance and carry out its warfare and atrocities against Ukraine,” said Secretary of the Treasury Janet L. Yellen. “The Russian State Duma continues to support Putin’s invasion, stifle the free flow of information, and infringe on the basic rights of the citizens of Russia. We call on those closest to Putin to cease and condemn this cold-blooded war

U.S. Treasury

"These instructions make it clear that the existing sanctions cover any gold transactions relating to the Central Bank of the Russian Federation," the statement said.

It is noted that the restrictions will affect those who are directly or indirectly involved in transactions to circumvent American US sanctions, including gold.

"US citizens are prohibited from participating in any transactions, including those related to gold, with the participation of the Central Bank of the Russian Federation, the National Welfare Fund of the Russian Federation or the Ministry of Finance of the Russian Federation," the Ministry of Finance said.

At the same time, the Office of Foreign Assets Control monitors "any attempts to circumvent or violate sanctions related to Russia, including through the use of gold or other precious metals."