Authored by Alex Kimani via OilPrice.com,

The latest round of sanctions imposed on Moscow by the West is drawing some mixed reactions from experts.

The U.S. announcement to block gold transactions was done alongside Group of Seven and European Union allies that will also impose the gold reserve ban.

"Any sanctions on Russia's gold reserves would do little more than reveal the degree to which government bureaucrats don't understand gold."

Following Russia's invasion of Ukraine about a month ago, the U.S. and its western allies swiftly imposed a raft of economic and trade sanctions on Russia, notably on buying oil, a partial SWIFT ban and against billionaire oligarchs seen as close to President Vladimir Putin. Russia hit back by imposing export bans including telecoms, medical, vehicle, agricultural, and electrical equipment, as well as some forestry products such as timber.