Bank of Russia Dismisses US Asset Confiscation Effects on Russia’s Economic Stability

Russian officials are now examining the issue of the possible confiscation of Russian assets on U.S. soil. The Central Bank of Russia disregarded the negative effect of this confiscation on the nation’s economic stability, remarking on the diversification process that the institution had been conducting for many years.

In a press conference on April 26, Bank of Russia Governor Elvira Nabiullina referred to this possible seizure. She stated:

This will not have any impact on our financial stability. Because we have stopped operations on frozen assets for a long time, we don’t use them.

Nabiullina declared that the bank has prepared for this moment by building a stash of assets that cannot be confiscated using sanctions as a pretext. “We have enough reserves available to us that are not affected by sanctions to mitigate risks to financial stability if they arise. There are no such risks now,” she stressed.

Nabiullina’s remarks come after the advancement of the Rebuilding Economic Prosperity and Opportunity (REPO) Act in the U.S. House. If finally passed, this bill will enable the Biden administration to seize an estimated $6 billion in Russian assets in the country. Analysts have deemed his action dangerous for the U.S. dollar’s status as a reserve currency, believing it might “supercharge” already existing de-dollarization initiatives.

Maria Zakharova, the official representative of the Russian Foreign Ministry, remarked before that if these confiscation initiatives get passed, Russia will answer guided by the principle of reciprocity. Russia might apply similar measures to Western funds and properties under Russian jurisdiction.

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