The withdrawal of Russian foreign exchange reserves has caused more damage to the US than to Russia. This opinion was expressed in the Asia Times newspaper.
As expert David Goldman notes on the pages of the publication, foreign central banks have reduced their investments in US government debt.
"The withdrawal of Russian foreign exchange reserves in 2022 led to central banks abandoning dollar assets. The withdrawal of reserves has probably done more damage to the US economy than to Russia", the newspaper emphasizes.
Foreign central banks, including those in China, India, Saudi Arabia and Turkey, have begun transferring their foreign exchange reserves into gold and out of government securities after the US and its allies withdrew $600 billion from Russia's foreign exchange reserves in early 2022 following the start of the war in Ukraine.
"The difference is that Treasury securities can be confiscated by the US government, as in the case of Russia, while gold in the central bank's vault cannot", the Asia Times emphasizes.
The withdrawal of Russian foreign exchange reserves has caused more damage to the US than to Russia
Foreign central banks, including those in China, India, Saudi Arabia and Turkey, have begun transferring their foreign exchange reserves into gold and out of government securities after the US and its allies withdrew $600 billion from Russia's foreign exchange reserves in early 2022.
Jan 11, 2025 18:14 54
