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Russian Central Bank Cut Off From US Dollar

Credit: Unsplash

Due to their ongoing invasion of Ukraine, Russia is facing severe repercussions in the form of sanctions, penalties, and restrictions imposed by several major first-world countries. The United States, in particular, has taken a significant step by completely cutting off US dollar transactions from the Russian Central Bank. This aggressive measure aims to hinder Russia from retaliating against the existing sanctions.

White House officials revealed that Moscow holds a substantial amount of USD reserves, which it could utilize to support the government and military actions if the Russian ruble, their primary currency, loses value. As a consequence of the sanctions and other factors, the ruble has experienced a significant decline, but the Russian Central Bank is now unable to access this emergency fund denominated in USD.

One White House official stated, “No country is sanction-proof. Putin’s $630 billion war chest in reserves only holds significance if it can be utilized to defend the ruble, specifically by selling off those reserves to bolster the ruble.”

During a phone conference, a senior administration official explained that this action was the result of thorough planning and coordination across various government sectors, encompassing technical, diplomatic, and political realms, including top-level engagements.

“Our readiness enabled us to act swiftly, within days, in response to Putin’s escalations,” stated the official.

Another senior official added, “Our strategy is clear – to ensure that the Russian economy regresses as long as President Putin continues with the invasion of Ukraine.”

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