(Bloomberg) -- The U.S. Treasury issued a notice that gold transactions with Russia are prohibited, citing executive orders signed by President Joe Biden.

The directive is the first time the agency has made it clear to the gold market to stop dealing with sanctioned Russian entities. Russia has spent years building the fifth biggest stash of gold in the world, and it’s being targeted now because sales of it could shore up the ruble, which has plunged as global economies isolate Russia following its invasion of Ukraine.

“U.S. persons are prohibited from engaging in any transaction — including gold-related transactions — involving the Central Bank of the Russian Federation, the National Wealth Fund of the Russian Federation, or the Ministry of Finance of the Russian Federation,” the Treasury said in a question and answer section of its website dated Thursday.

The statement comes as the U.S. announced a new package of sanctions on Russian elites, lawmakers and defense companies to ramp up pressure on Moscow. The CME Group, which runs the largest U.S. exchange for gold trading, earlier this month suspended six Russian gold refineries. London’s gold market also suspended all Russian refineries from its accredited list.

Gold futures for June delivery rose 1.1% to $1,964 per ounce at 10:24 a.m. in New York. The precious metal is up about 2.8% since Russian invaded Ukraine.

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