U.S. Treasury monitoring any moves to circumvent Russian sanctions through use of gold-Yellen

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An employee processes ingots of 99.99 percent pure gold at the Krastsvetmet non-ferrous metals plant in Krasnoyarsk

WASHINGTON – The U.S. Treasury Department has made clear that gold-related transactions involving Russia may be sanctioned, and is closely monitoring any efforts to circumvent U.S. sanctions through the use of gold, Treasury Secretary Janet Yellen said on Tuesday.

“This is an important matter,” Yellen told a Senate Finance Committee hearing on Treasury’s budget. “We’re closely monitoring any efforts we can see to circumvent our Russia-related sanctions through the use of gold.”

Such transactions may be sanctionable under an executive order issued by President Joe Biden to punish Russia for its invasion of Ukraine.

(Reporting by Andrea Shalal and David Lawder)