The West has an important lever of pressure on the Russian economy up its sleeve, according to an economist

Sergei Aleksachenko

“A year ago, I thought freezing the Central Bank’s reserves was a very serious measure (of sanctions against Russia),” said Aleksashenko, the former first deputy chairman of the board of directors of the Russian Central Bank, now living in the United States. .

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“But I always said that it would only work with the freezing of correspondent accounts of Russian banks.”

Aleksashenko said that if Washington and European authorities only freeze Central Bank reserves, but not banks’ correspondent accounts, “it will have no impact on the state of the Russian economy.”

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To achieve maximum effect, it was necessary to completely isolate all Russian banks, Aleksashenko stressed.

When asked why the West didn’t dare to take such a step, the economist replied: “I don’t know why they didn’t. The answer was: what they agreed, they agreed”.

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At the end of May, it was reported that EU countries had frozen Russian Central Bank assets worth $24 billion.

This is significantly less than the $100 billion frozen by the United States.

Read the original article on The New Voice of Ukraine