The Kremlin is inclined to think that the $300 billion in reserves frozen after the invasion of Ukraine is almost lost.
Russia came to terms with $300 billion frozen assets loss
As the publication notes, the Kremlin has already said goodbye to the loss of $300 billion in frozen assets, but they still plan to file a lawsuit.
Deep down, everyone has already said goodbye to reserves. Of course there will be (a legal process). This is a kind of ritual, — said one of the sources of the agency, familiar with the opinion of the government and the Ruscentral bank of the Russian Federation.
A second source said Russia farewelled to the assets, confident that European capitals would yield to US pressure.
A third agreed that Russia was unlikely to prevent the confiscation but would threaten retaliatory measures such as seizing Western assets in Russia and severing diplomatic relations with foreign countries deemed unfriendly.
Credit rating agencies Moody's and S&P Global said countries whose sovereign bonds were bought by Russia would not default if Western governments decided to confiscate $300 billion in frozen Russian reserves.
Russia's central bank says that France, Germany, Great Britain and other sovereign states will allegedly default if bonds owned by Russia are seized and Russia therefore does not receive due payments, a source told Reuters.
But Moody's said its interpretation is different.
Our ratings do not typically reflect considerations specific to bondholders, so we would not consider this scenario a default for those countries, Torsten Nestmann, senior vice president at Moody's Investors Service, said to Reuters.
Frank Gill, head of EMEA sovereign ratings at S&P Global, also told Reuters it was unlikely to default because interest payments are made through a paying agent, which will continue to pay them to other creditors.
Most of Russia's frozen reserves are held in cash and sovereign bonds of France, Germany, Great Britain, Austria and Canada.
Transfer of Russian assets to Ukraine
Ear, lier it became known that the USA offered the G7 countries to confiscate 300 billion dollars of frozen Russian assets for the benefit of Ukraine. They want to agree on the corresponding plan by the second anniversary of Russia's invasion of Ukraine.
On January 3, Prime Minister Denys Shmyhal said the United States, the European Union and other countries have come close to resolving the issue of directing Russian assets frozen in the West to restore Ukraine.
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