Russia's Defenses Against Financial Warfare

Bloomberg reports that steps taken by Russia over the past several years to de-dollarize will help ease the blow of sanctions. In 2021, dollar reserves were slashed to 16% of the Central Bank’s stockpile compared to 49% four years earlier. It has also slashed holdings of U.S. Treasuries by almost 98% from its peak in 2010 and reduced dollar-denominated assets in its sovereign wealth fund.