Blockade on Russia Central Bank Neutralizes Defense Against Sanctions, U.S. Says
WASHINGTON—The U.S. and European Union blocked Russia’s central bank from using its emergency reserves to protect the economy from the Western pressure campaign, a salvo the bank’s governor said risked triggering a financial crisis. The coordinated action blocks the central bank from selling dollars, euros and other foreign currencies in its reserves stockpile to stabilize the ruble. Announcing the move Monday in Washington before U.S. markets opened, U.S. officials said they intended the sanctions to stoke already surging inflation, and the actions against the Bank of Russia are intended in effect to neutralize the country’s monetary defenses.
The sanctions also target another major government stockpile of assets, a key sovereign-wealth fund called the Russian Direct Investment Fund, and prevent Moscow from using other government and private banks to sidestep sanctions on its financial system, the officials said. In a statement, the fund said the action “demonstrates that the U.S. has picked the course to destroy constructive dialogue between countries.”
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In Moscow, the governor of the Bank of Russia warned that the Western sanctions on Russia’s financial system had exacted a dire toll on the Russian economy. The sanctions have cut major Russian banks’ access to the dollar and other reserve currencies and will soon sever some from the Swift financial transaction messaging system... To stem the damage to its currency and keep the banking sector afloat, the central bank doubled its benchmark rates on Monday to 20% in an attempt to attract savings into banks. The government also imposed capital controls, blocking residents from sending money to foreign bank accounts and restricting payments on offshore debt.
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In addition to causing general economic pain to press Mr. Putin to abandon the Ukraine war, the moves on the Russian bank are intended to make it more expensive for Moscow to wage it... The U.S. is carving out exemptions for energy payments to cushion the European and global economies against the inflation that would result from cutting off exports from one of the world’s top oil and natural gas providers. But hitting the Russian central bank risks squeezing exports of energy and other commodities from the world’s 12th largest economy, the Institute for International Finance, a consortium of the world’s largest financial institutions, said in a report Monday. The cumulative effect on Russia’s economy of the sanctions could add to global inflation, the group warned.
One reason: Although energy and other commodity payments are exempt from the sanctions, financial industry compliance officers say many Western institutions are wary of facilitating any transaction with Russian banks, over concern that they will run afoul of the measures.
More..
https://www.wsj.com/articles/u-s-is-levying-sanctions-against-russias-central-bank-11646052061 (subscription)
= new reply since forum marked as read
...Our Oligarchs are kicking your Oligarchs' ass!
FFAFO
Financial Fuck Around and Find Out...
Fuckin' commie amateurs.
Checkmate bitches!
to stand up to the Moscow Madman. Of course crypto-currencies are the favorites of the world's criminals anyway.
If there's a spike in crypto prices this week you'll know what's going on. It could explain why they're already at such ridiculous prices as well.
Russian oligarchs hedging their bets on fiat currencies? 
