The head of the Russian Central Bank, Elvira Nabiullina, stated that Russia has a safety valve of assets that are not subject to Western sanctions imposed on the country.read more
The statement of the head of the Russian Central Bank came in a meeting with the Communist Party bloc in the Russian parliament.
We can now feel completely calm, our country has a “safety cushion” of non-sanctioned assets. At the same time, imagine that the problems of the global financial system will “catch us” faster than geopolitical shocks. And if in this case we do not have reserves We will not be able to mitigate the shock to our economy. We are now building up reserves based on assets that are not sanctioned.”
The Russian official indicated that work is also underway to return Russian reserves denominated in dollars and euros that were frozen by the West, adding that Russia has a point to negotiate with the West and pointed to the “presidential decree prohibiting the withdrawal of money from Russia by non-residents of unfriendly countries.”
After the launch of the Russian special operation in Ukraine, Western countries imposed sanctions against the Bank of Russia (the Russian Central Bank), and in addition to freezing international reserves that include gold and foreign currencies, a ban was imposed on all transactions related to the management of the reserves and assets of the Russian Central Bank, as well as transactions with any legal entity or organization. or a body acting on behalf of or on behalf of the Central Bank of Russia.
This article was originally published by RT.