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When sanctions hit in the wrong direction
Direct Translation via Google Translate. Edited.Commentary by Russian military blogger Andrey Chervonets: This Live Journal post is a follow up to this article. In Russia, foreigners are stuck with a "bunch of billions of dollars" that the owners cannot access, writes Bloomberg  Dividends on stocks, bond coupons and assets that Western investors did not sell before the conflict in Ukraine broke out were part of the huge amount of money that was stuck in Russia due to sanctions. The imposed restrictions prevent the withdrawal of these assets from Russia. Legally, the money is owned by major investment firms, including JPMorgan Asset Management and Schroders, but in private conversations, most of them admit that there is no hope of returning these funds. As a result, some foreign companies decided to put up with "and forget" about the money, and some agree to lose part of the funds when withdrawing the principal amount At a press conference this month, central bank chief Elvira Nabiullina declined to disclose how much money is held in special non-resident bank accounts, known as Type C, but said it continues to rise. Posted by: badanov 2023-02-28 |
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