Traders in Russian gold based anywhere in the world now face the prospect of US sanctions under the National Defence Authorisation Act (NDAA) for Fiscal Year 2023,which was signed into law by President Joe Biden on 29 December 2022.

Not later than 90 days after that date the president must submit to Congress a report identifying foreign persons that knowingly participated in a significant transaction for the sale, supply, or transfer (including transportation) of gold, directly or indirectly, to or from Russia or the Russian government or its central bank, even if the gold is held outside Russia.

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