Banknotes. File photoMOSCOW, Apr 26The Bank of Russia reserve freeze will encourage other central banks to «hide» their dollar reserves, a professor at the Goethe University in Frankfurt an der Meine Jan Peter Cranen. According to him, financial institutions can do this by creating «state shell firms».
"All anti-Western countries will now wonder if they should continue to keep assets in Western accounts. Their likely response is diversification, not only in the reserve currencies used, but also in where and how to store them. This can be done in secret. Foreign exchange reserves can be hidden, and central banks have ways and means to hide their identity in the financial market", — said Kranen.
which it will be impossible to determine their owner. This, he says, will allow them to keep their investments in Western financial markets.The Foreign Ministry spoke about the desire of the EAEU countries to abandon settlements in dollars. «The United States uses the dollar in the conflict with Russia as a weapon. This negatively affects the status of the dollar as the world's key reserve currency,» the professor concluded. Russia launched a military operation in Ukraine on February 24. In response, Western countries imposed large-scale sanctions against Moscow, which primarily affected the banking sector and the supply of high-tech products. Individual brands announced the cessation of work in the country. The Kremlin called these measures an economic war, the likes of which have never been seen before. The authorities declared their readiness for such a scenario and assured that they would continue to fulfill social obligations. The Central Bank is taking measures to stabilize the situation in the foreign exchange market. The authorities also announced the transfer of payments for gas supplies to unfriendly countries into rubles. The government has prepared a plan to counter sanctions, which includes about a hundred initiatives. The volume of its funding will be about a trillion rubles.