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Two Michigan congressional leaders join in introduction of Stop Russian GOLD Act

gold bullion.jfif
BullionVault / Creative Commons CC BY-ND 2.0
Gold bar on black

Economic sanctions levied against Russia in response to its invasion of Ukraine has sent its currency, the ruble, crashing. Russia’s Central Bank has discovered a workaround, liquidating its gold reserves with an estimated value of $130 billion.

U.S. Rep. Peter Meijer of Grand Rapids says bi-partisan legislation introduced Monday would close that loophole. It’s called the Stop Russian Government and Oligarchs from Limiting Democracy (GOLD) Act of 2022. The Grand Rapids Republican is joining Michigan Democrat Elissa Slotkin, Republican Brian Fitzpatrick of Pennsylvania, Democrat Susie Lee from Nevada, Democrat Mikie Sherrill of New Jersey and Republican Joe Wilson of South Carolina.

Rep. Meijer said, “Our bill closes this loophole, ensuring that Putin’s vile regime finds no way around the United States’ and the international community’s crippling sanctions. We must continue all efforts that guarantee his government feels maximum pain from economic and diplomatic sanctions.”

Here's how the Stop Russian GOLD Act would work:

  • Close a loophole in existing restrictions on Russia by imposing secondary sanctions to anyone transacting with or transporting gold from Russia’s Central Bank holdings or selling gold physically or electronically in Russia; and
  • Direct the U.S. Treasury Department to develop clear compliance guidelines for U.S. citizens to ensure Americans avoid unknowingly investing in or transacting with Russian gold. 

A bipartisan group of U.S. Senators are also championing the passage of the Stop Russian GOLD Act.