Weaponisation of reserves likely to spur de-dollarisation – survey
Freezing of Russian assets will have “significant consequences”, reserves managers say
After Russia’s full-scale invasion of Ukraine in 2022, the US and its allies froze an estimated $300 billion of Russian foreign exchange reserves in their jurisdictions – around half of all Russian FX reserves at the time.
Responding to this year’s Reserve Management Trends survey, carried out by Central Banking in association with HSBC, 84.5% of the 84 central bank reserve managers said they believed the weaponisation of reserves would have significant consequences for the future of reserve
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