JRL NEWSWATCH: “Russia plans to sue over frozen currency reserves, central bank says” – Financial Times

File Photo of Assorted U.S. Cash, adapted from image at tsa.gov

“Western sanctions have cut off Moscow from nearly half of its foreign exchange holdings.”

“… Two days after Russia began its invasion of Ukraine … G7 countries and the European Commission announced … sanctions on Russia’s central bank to block it from accessing its foreign exchange holdings. The central bank is unable to access nearly half of its $609.4bn in reserves to support the rouble …. forcping] Russia to impose capital controls …. A central bank official declined to say which jurisdictions Russia was planning to sue in or [on] what grounds ….  Russia has also threatened legal action if the sanctions force … default …. It missed two payments on dollar-denominated debt when U.S. authorities refused to let American banks process them. …”

Click here for: “Russia plans to sue over frozen currency reserves, central bank says; Western sanctions have cut off Moscow from nearly half of its foreign exchange holdings” – Financial Times/ Max Seddon, Henry Foy

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