Economics
Central Bank Sanctions Halt Russia’s Ruble Intervention
- IIF says 40%-50% of Russia’s reserves potentially out of reach
- Ruble plummeted more than 30% against the dollar on Monday
About half of the financial reserves of the Russian central bank are held in Group of Seven countries and will be frozen under new sanctions.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Bank of Russia Governor Elvira Nabiullina acknowledged for the first time that sanctions imposed on the central bank meant she couldn’t intervene to keep the ruble from collapsing on Monday.
But what she didn’t say is how much money she still has -- in case the central bank is called into action.