RUDRA SENSARMA and KAUSHIK BHATTACHARYA
Russia’s invasion of Ukraine has exposed some deep fault-lines in the global economic system. By freezing half of Russia’s foreign exchange, or forex, reserves, the West has declared economic war with central bank assets as the target. Russia had amassed $640 billion in forex reserves but now finds itself left with only gold and assets in other denominations, such as the Chinese renminbi.
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