Won't the bulk, or minimally a good chunk, of those non-rubble reserves be blocked now?
From the below on response was "$130 bln is gold, kept in Russia. $60 bln is renminbi, kept in China. All the rest - in G-7 countries"
Seems fluid and not totally clear the details yet. But from the below FT reporter. article is slightly vague since sanction rules are still being written. But on Twitter they wrote clearer that those assets will not be accessible.
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A US official declined to say if the US would sanction the central bank by adding it the Treasury’s “Specially Designated Nationals” list, which Fishman described as “the single most impactful sanction that you could apply to Russia, and you could do it with a stroke of the pen.”
“It would render a sizeable chunk of their foreign exchange reserves unusable overnight,” Fishman said.
"The move would ban US entities from dealing with the central bank, which would mean that everyone would be “skittish about moving any assets on behalf of the Russian central bank”, he said.
From the below on response was "$130 bln is gold, kept in Russia. $60 bln is renminbi, kept in China. All the rest - in G-7 countries"
Seems fluid and not totally clear the details yet. But from the below FT reporter. article is slightly vague since sanction rules are still being written. But on Twitter they wrote clearer that those assets will not be accessible.
---
A US official declined to say if the US would sanction the central bank by adding it the Treasury’s “Specially Designated Nationals” list, which Fishman described as “the single most impactful sanction that you could apply to Russia, and you could do it with a stroke of the pen.”
“It would render a sizeable chunk of their foreign exchange reserves unusable overnight,” Fishman said.
"The move would ban US entities from dealing with the central bank, which would mean that everyone would be “skittish about moving any assets on behalf of the Russian central bank”, he said.
https://www.ft.com/content/073a37d5-4daf-49ed-b5bc-a4682ef1a... https://twitter.com/HenryJFoy/status/1497705581817253889