In a historic action, the U.S. has stated that any assets held by the Central Bank of Russia in the U.S., such as gold and other assets, along with any assets owned by Russian citizens and organizations elsewhere on the planet, will be declared inaccessible.
United States Freeze Russian Assets
According to the U.S. Treasury, “this move essentially freezes any assets Russia’s Central Bank owns in the U.S. or by its citizens wherever they are.”
“Today’s extraordinary move will considerably limit Russia’s opportunity to utilize funds to support its destructive operations and will target the finances Putin and his close associates rely on to enable their assault on Ukraine.” U.S. Treasury Secretary Janet Yellen stated. She continued by saying:
“Today, we are carrying out crucial promises to curb Russia’s direct connections to these vital resources in conjunction with allies and partners.”
The U.S has sanctioned the Russian Direct Investment Fund (RDIF) and its president, Kirill Dmitriyev. In a briefing, a senior official said:
“We chose to take these moves before our markets opened because our allies and partners told us over the weekend that the Central Bank of Russia was seeking to transfer assets and that there will be a lot of asset flow starting Monday from institutions across the world. Hence, we’re making these moves in such a way that they’ll take effect right now.”
Russia chose to develop a war chest to guard against any future measures we could take concerning Ukraine or any other state globally. We knew of its existence, and we knew that eventually, one of the things we have to do to guarantee that our sanctions were successful would be to go after those funds, which is what we did today.”
The number of assets the Central Bank of Russia has in the U.S. or is managed by U.S. citizens is unknown. Still, Europe and America continue to dominate international finance, and therefore their arms may stretch quite far.
Putin Holds Economic Meeting
President of Russia, Vladimir Putin, met with economic experts to discuss worldwide sanctions imposed on his nation, branding the West a “kingdom of falsehoods.” Those in attendance include the Governor of the Central Bank, Elvira Nabiullina, the Minister of Finance, Anton Siluanox, and other top executives.
These sanctions, levied by the U.S., have pushed Russian markets into a tailspin. The Russian ruble sank to 111 to the U.S. dollar on Monday, down from 83 last week, a decline of over 20%. If that trend continues, it will be one of the greatest drops recorded in a single day in the value of Moscow’s currency ever recorded.
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