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