EXPLAINER: How the US and allies can freeze Russian gold

By FATIMA HUSSEIN
Associated Press

WASHINGTON (AP) — The U.S. and its allies are moving to prohibit financial transactions with Russia’s Central Bank that involve Russian gold. A senior administration official says the intention is to blunt Russia’s ability to use its international reserves as the United States and its allies tighten sanctions over Russia’s invasion of Ukraine. Russian President Vladimir Putin has been accumulating stockpiles of gold in recent years. The U.S. also announced new sanctions Thursday on dozens of Russian defense companies, 328 members of the Russian State Duma — or state assembly — and the head of Russia’s largest financial institution.