Russia Stockpiling Gold As US Prepares New Sanctions

Posted August 24, 2018

In the U.S. blocked Russian assets in hundreds of millions of dollars.

Russian Federation and the United States have been waging sanctions against each other as bilateral relations continue to worsen over recent years.

The Russian ruble was on track for its lowest close in more than two years Wednesday as Washington ramped up sanctions on Moscow.

Whitehouse went on to give Trump's national security team credit for continuing to call out Russian Federation for trying to interfere in American democracy, despite the unusual statements that the president regularly makes. He said the Trump administration's' policy of imposing restrictions on the Kremlin is ill-informed and won't bring the results the hoping for.

FILE - Sigal P. Mandelker, the undersecretary for terrorism and financial intelligence at the U.S. Treasury, talks to journalists at a press briefing in Dubai, United Arab Emirates, July 12, 2018. At today's prices, they are worth roughly $83.6 billion, though a Russian government website pegs the value at about $77 billion. Russian Federation is heavily-dependent on revenues from its oil exports, but a weaker ruble can help government revenues since oil is sold in dollars.

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Putin also said Europe needed the Moscow-backed Nord Stream-2 gas pipeline project, an initiative that Trump has harshly criticised, and that Russian Federation was the most suitable supplier of energy for Europe.

Direct investment in Russian Federation from other major economies also fell over this period.

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Those come on top on sanctions already in place over Russia's annexation of Crimea or Moscow's interference in foreign elections, notably in the 2016 presidential vote in the United States.

Treasury's Office of Foreign Assets Control (OFAC) designated two Russian shipping companies and six Russian vessels.