As prices for the precious metal soar, the industry’s guardrails have broken down.

The Treasury Department also targeted a top independent Chinese refinery that it said was a major buyer of Iranian petroleum.

Treasury Secretary Scott Bessent estimated that the move would add about 140 million barrels of crude to the oil market.

Treasury Secretary Scott Bessent said it was “unfortunate” that the move could benefit Russia, but maintained that it was only for the short term.