The financial sector was essentially the first usa telegram data to take the brunt of the sanctions. The largest banks were under blocking sanctions, reserves were frozen, currency restrictions were impos, disconnection from SWIFT — what was the most unexpect and the most difficult for you?
We have been living under sanctions since
2014. Therefore, we have always assess the risk of sanctions strengthening and work in all areas, including stress tests with a large number of financial institutions. Therefore, for example, large banks, when they fell under sanctions, were already largely prepar for this to happen. Disconnection from SWIFT — the threat was already there since 2014, so we built a national payment infrastructure. We diversifi reserves and increas the share of yuan and gold. The problem, yes, the problem, was international payments, they are still a problem, although we are trying to solve it. Of course, a very painful topic was the blocking and freezing of assets of individuals — millions of people who were not subject to sanctions, but found themselves with frozen assets. This is a difficult problem that we are trying to solve in different ways together with the government.
As for freezing reserves, I think
is a very negative signal for all central banks, because it is a violation of the basic principles of reserve protection. But here, too, the floating common mistakes in social mia seo and how to avoid them exchange rate and currency restrictions, which we adopt quite strict in the spring of last year, help us. Then, you agb directory remember, they were relax. And this allow us to mitigate the risks to financial stability.
