Russian Duma treats law to withdraw investments from sanctions States

The Russian Parliament (State Duma) processes a bill to withdraw financial assets that are invested by the country’s reserve fund and the fund “national welfare” from countries participating in sanctions against Russia. This is reported by the German language news portal, Kaliningrad

The initiators propose to withdraw deposits from States participating in sanctions if the assets are located in the central banks of these countries, controlled by investment funds or through legal entities. Such financial assets only helps the economy of the states that have introduced sanctions against Russia and in no way supports the Russian business community. Therefore, the government policy has to be changed at this point, the initiators say.

The Russian legislation allows for the time being reserve funds and pension funds to be invested in foreign currency obligations by foreign governments, but also through foreign agencies, central banks and international financial organizations. In addition, resources can also simply be placed on foreign accounts.

Source: (in German)