“If [the reserves] are frozen, why is Russia paying interest on its foreign debt falling due? It can direct the “freezer’ to pay, to shift the blame for default. It can talk about Chase Manhattan’s freezing of Iran’s bank account from which Iran sought to pay interest on its dollar-denominated debt. It can insist that any payments by NATO countries be settled in advance by physical gold.
This solves their sovereign debt crises and enables a tangible revaluing of the ruble to cooccur.
This:
This solves their sovereign debt crises and enables a tangible revaluing of the ruble to cooccur.