Russia’s Protection Mechanism Against Unapproved Assets

The head of the Central Bank of Russia, Elvira Nabiullina, said that Russia has a safety valve for assets that are not subject to Western sanctions imposed on the country.

The statement of the head of the Central Bank of Russia was made at a meeting with the Communist Party bloc in the Russian parliament.

We can now feel absolutely calm, our country has a “safety cushion” of unauthorized assets. At the same time, imagine that the problems of the global financial system will “overtake” us faster than geopolitical upheavals. And if in this case we have no reserves. We will not be able to cushion the shock to our economy. Now we are building up reserves based on assets that are not subject to sanctions.”

The Russian official indicated that work was also underway to return Russian reserves denominated in dollars and euros that had been frozen by the West, adding that it makes sense for Russia to negotiate with the West, and pointed to “a presidential decree to ban the withdrawal of money from Russia.” non-residents of unfriendly countries.

After the launch of the Russian special operation in Ukraine, Western countries imposed sanctions against the Bank of Russia (CBR), and in addition to freezing international reserves, including gold and foreign currency, a ban was imposed on all operations related to the management of reserves and assets of the Central Bank of Russia, as well as operations with any legal entity or organization or body acting on behalf of or on behalf of the Central Bank of Russia.

Source: TASS

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