The Kremlin must now choose between draining remaining valuable dollar reserves, new revenue coming in or default on its debt payments
The U.S., EU and United Kingdom have limited the ability of Russia’s central bank to draw on more than $600 billion in foreign currency reserves and have frozen its gold reserves. That has left the central bank with few tools to prop up the ruble and prevent it from crumbling in value.
Darshak Dholakia, a trade and government regulations attorney in Washington, said now that Treasury has restricted access to these funds, “it seems like the calculus has changed." “The U.S. has not put full blocking measures on the central bank yet,” he said. “They're saying that Russia can't touch those funds unless it's for an authorized purpose.”
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