Foreign Affairs: “Our research suggests that Russia may have stashed tens of billions of dollars in reserve assets in opaque offshore accounts, where it holds dollar-denominated securities beyond the reach of international sanctions and asset freezes. We see indications, in fact, that across two different periods—one in mid-2018 and the other late last year, as Russia built up troops on the Ukrainian border—Russia may have secluded up to $80 billion in Treasury securities offshore.”
“Russia’s total offshore dollar holdings, of course, could be higher still. And there are signs, too, that Russia may have moved some of its dollars with help from a foreign government.”
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