Russian Central Bank admits it will not be able to get back assets blocked abroad
The Central Bank of the Russian Federation has admitted that they will probably not be able to get back their assets that were blocked abroad.
Source: Central Bank of the Russian Federation press service
Quote: "As a result of sanctions, part of the assets that belong to Russian banks ended up being completely blocked…
Prospects of getting those assets back seem to be extremely low despite them not being seized at the moment from a legal standpoint… We can’t ignore their devaluation."
Details: Russia has claimed that they need "a balanced decision" related to blocking of their assets.
Quote: "The regulations do not list any specific approaches to blocked assets yet, as this problem is new for banks on such a scale."
Background:
- Canada approved a mechanism of seizing Russia’s assets to Ukraine’s benefit. In June, they approved the amendments to the Special Economic Measures Act which established a possibility of seizing and using Russian assets to help Ukraine.
- In December, the US Senate [the upper chamber of the US Congress, the American parliament - ed.] approved the amendment on seizing the assets of the Russian oligarchs and transferring them to Ukraine’s benefit.
- Ursula von der Leyen, the president of the European Commission, said at the end of November that the world had blocked €300 billion of the reserves of the Central Bank of Russia and froze €19 billion of Russian oligarchs.
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