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

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.

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.