The United States has decided to further punish Russia by banning the import of Russian gold, according to a new document released from the Treasury’s Office of Foreign Assets Control (OFAC) on Tuesday.
The statement was published onto the Treasury’s website, and it noted that the ban was to come into immediate effect:
“The importation into the United States of gold of Russian Federation origin is prohibited, except to the extent provided by law, or unless licensed or otherwise authorized by OFAC.”
The document also specifies that Russian gold that had been purchased prior to June 28, will be exempt and the statement also adds that the United Kingdom, Canada, and Japan have also joined the United States in banning Russian gold.
In the document, it also states that gold is Russia’s “biggest non energy export,” when in actual fact, food is Russia’s biggest non-energy export. Agriculture products are worth around $37 billion annually, while gold is less than half of that, sitting around $15 billion.
The ban on Russian gold could be part of a strategy to further cut off Russia from trade, as Russian President Vladimir Putin has already said that his country will be going back to a gold-backed currency, which holds far more value than the fiat paper currency that is currently being used.
Since the war in Ukraine began, the world has come to realize what has real value and it is not cash – it is gas, oil, food and gold and the Biden administration is hell bent on making sure they try to hinder Russia as much as possible.
While the Federal Reserve continues to devalue the United States dollar, by pumping over $6 trillion into circulation last year, Russia is making sure their currency keeps its value by being backed by a gold standard.
Western allies were hoping to crash the ruble, but Putin was at least a few steps ahead, and now western allies have come to realize that life without Russian products has become tough.
Europe is quickly running of of oil and gas, something that they did to themselves, by refusing to pay for Russian oil and gas with rubles – Putin has not put any restrictions on countries continuing to purchase his country’s products, the only change is they must pay with his currency, something they adamantly refuse to do.
The supply chain is in further ruin because of the war and there is no way to avoid a global food crisis in the coming months, as much needed commodities and food supplies are backlogged because ports and crops have not been sown in Ukraine because they are currently trying to push back Russia.
Putin also has a plan to introduce a new world currency, which would completely undo the Globalist elites western banking systems if he is successful – and it looks like he may be.
We elect MORONS and then wonder at their decisions. My oh my!!!
The US needs to go back to the Gold Standard in order to stabilize our currency,
As long as American voters insist on supporting the leftist Democrats and do nothing Republicans our nation will continue its steep decline across the board. Once highly respected institutions are now routinely ridiculed and for good reason. It didn’t take long for Biden to destroy all international prestige and respect when he surrendered to a bunch of 8th century terrorists in Afghanistan. They to make matters worse and far more dangerous he ordered the opening of our southern border while importing thousands of Taliban in his ill conceived airlift. You can’t make this stuff up. If our enemies had a wish list Biden has filled every item. It will take divine intervention to keep us out of a war no one can win.
This is not punishing Russia. It is making them more powerful. Russia and China are buying up gold, and intend to switch the world from trading in US dollars. At the same time Biden is pushing for an imaginary (destined to be worthless) digital currency. The USA. Is not going to survive this moronic administration.