Russia plans to “freeze” 600 billion USD of foreign currency reserves

Moscow is preparing to take legal action against the West freezing Russia’s $600 billion in foreign currency reserves, Governor Nabiullina announced.

“The act of freezing gold and foreign currency reserves is unprecedented. Therefore, we are working on legal statements and are ready to submit them,” – Ms. Nabiullina affirmed, emphasizing the ice bubble. The above reserves of gold and foreign currencies are unprecedented in scale globally.

Governor Nabiullina did not provide information on when or where the lawsuit was filed. Last month, Russian Finance Minister Anton Siluanov made a similar threat, saying Moscow would sue the West if it was pushed to the point of defaulting on foreign debt.

Governor of the Central Bank of Russia Elvira Nabiullina. Photo: Reuters

Considered the harshest economic sanctions against Russia after the Kremlin launched a military operation in Ukraine on February 24, the asset freeze order is designed to ensure that Moscow cannot appease it. punitive pressure on their financial and economic systems.

Governor Nabiullina on April 19 was added to the list of sanctions by the Canadian government, along with 13 other individuals, including the two daughters of Russian President Vladimir Putin. This is the first time Nabiullina has been named in a Western sanctions package.

The Canadian government insists it does so to hold President Putin and his associates accountable for what is happening in Ukraine.

The ruble lost more than 40% of its value as soon as Russia came under Western sanctions but has risen to pre-Russian-Ukrainian conflict levels in recent weeks. Photo: Reuters