The U.S. and a few key economic allies will not allow imports of Russian gold.
The U.S. and its Group of Seven partners are trying to hurt the Russian economy by disrupting international payments.
The U.S. is trying to ban gold imports from Russia.
There is a concerted effort to enforce economic penalties against Russia and a severe punishment for the invasion of Ukraine.
More than 70 Russian companies and other entities critical to the country's defense industrial and manufacturing base have been added to the list of targets.
The Russian Federation's access to technology that is critical to their military has been cut off. Targetting Russia's defense industry will degrade Putin's capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures.
The Treasury said that the ban against gold mined in Russia doesn't apply to metal that was located outside of Russia.
As world leaders gathered for a meeting in Germany, the decision was made. Hundreds of billions of dollars in Russian funds have been frozen, and Russian banks have been banned from using the global messaging system.
The impact of global restrictions and economic penalties has left Moscow bankrupt, and Russian officials have been accused of ramping up gold production to make up for it.
It's not clear how much of a change the move will make.
In the face of China's continued purchases of Russian goods, the U.S. and its partners have struggled to keep economic pressure on Putin.
In the first half of 2022, global oil and gasoline prices spiked, meaning that Beijing's purchases of Russian petroleum amount to hefty profits for Moscow even as European and American consumers recoil at steep prices at gasoline stations
The national average price for a gallon of regular gasoline was close to a record on Tuesday.
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