Washington, Mar 24 (AP) Treasury Secretary Janet Yellen was set to meet with US lawmakers Wednesday to discuss a possible freeze on Russian reserves of gold.

The move comes after several lawmakers introduced the Stop Russian GOLD Act, meant to target Russia's ability to sell its gold reserves to avoid the impact of sanctions.

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Current sanctions on Russian elites, the country's Central Bank, President Vladimir Putin and other measures do not impact Russia's gold stockpile, which Putin has been accumulating for several years. Russia holds roughly $130 billion in gold reserves, according to lawmakers.

The Bank of Russia announced Feb. 28 that it would resume the purchase of gold on the domestic precious metals market.

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The lawmakers' effort to impose stronger sanctions on the Russian Federation come as President Joe Biden and administration officials travel to Brussels and Warsaw this week with key allies to try to prevent Russia's war on Ukraine from spiraling into an even greater catastrophe.

“I look forward to speaking with Secretary Yellen about our bill and what additional steps Treasury can take to stand strong against Putin,” said Democratic Sen. Maggie Hassan of New Hampshire.

"We cannot allow Putin to take advantage of a loophole that could help finance his unconscionable attack on Ukraine.”

The meeting between Yellen and lawmakers was originally reported by Axios. (AP)

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)