Sanctions by the UK, US and EU set to target Russia's gold reserves
The new U.S. sanctions target 300 members of the Russian Duma. 40 Russian defense companies would also come under sanction. A new initiative also will target countries or institutions that evade existing sanctions. U.S. and European countries are trying to bring range of sanctions into concert.
Sanctions have tanked the ruble and driven down Russia's economy. Leaders want to limit Russia's ability to use its gold stash to prop up its currency. Its gold reserves are valued at $100 billion and $240 billion, an administration official said. Biden and Kishida discussed North Korea's launch of a long-range ballistic missile.
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