Russian central bank excluded from sanctions talks, says Nabiullina By Investing.com

Elvira Nabiullina,forex the Governor of the Russian Central Bank, announced that the bank is not involved in discussions regarding the lifting of sanctions or the unfreezing of Russia's foreign currency reserves.

Speaking at the VTB Investment Forum 'Russia Calling' in Moscow on December 4, 2024, Nabiullina clarified the central bank's stance on the matter, stating, "The central bank does not participate in such negotiations, I am not aware of this."

The statement came in response to inquiries about whether talks on lifting sanctions on Russia were taking place as part of potential peace negotiations. It's important to note that at the start of 2022, the Russian central bank had substantial holdings in various currencies, including approximately $207 billion in euro assets, $67 billion in U.S. dollar assets, and $37 billion in British pound assets.

In June 2024, the Group of Seven and the European Union decided to allocate interest earned from these frozen Russian assets to fund a $50 billion loan for Ukraine. Russia has since promised to take legal action against this decision.

The central bank's exclusion from these discussions highlights the complexity of international sanctions and the financial strategies nations employ in geopolitical conflicts. The Russian central bank's foreign currency reserves remain a significant point of contention in the ongoing geopolitical landscape.

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