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A half dozen U.S. Congressional leaders, including two from Michigan, introduce Stop Russian GOLD Act

Gold bar on black
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.
I’m Patrick Center.

Patrick joined WGVU Public Media in December, 2008 after eight years of investigative reporting at Grand Rapids' WOOD-TV8 and three years at WYTV News Channel 33 in Youngstown, Ohio. As News and Public Affairs Director, Patrick manages our daily radio news operation and public interest television programming. An award-winning reporter, Patrick has won multiple Michigan Associated Press Best Reporter/Anchor awards and is a three-time Academy of Television Arts & Sciences EMMY Award winner with 14 nominations.