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Russia Has Found No Place Yet to Invest Reserves After Sanctions

  • Sanctions cut off access to half of reserves, Nabiullina says
  • Central bank spent years reducing its exposure to dollars
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White House to Tighten Russia Sanctions

Russia’s central bank conceded it’s found no clear alternatives to the world’s major reserve currencies after sanctions over the war with Ukraine left it in possession of only yuan and gold.

Before the invasion, the Bank of Russia spent years reducing exposure to the dollar, bringing its share to just under 11% at the end of last year. But more than a third of the total was in euros -- on top of additional investments into currencies such as the British pound and yen -- making it possible for international governments to seize about half of the stockpile in retaliation for President Vladimir Putin’s attack.