US Treasury Secretary Janet Yellen and Ukrainian Prime Minister Denys Shmyhal meet at the Treasury Department in Washington on April 21. US sanctions on Russia include freezing the country’s foreign exchange reserves. Photo: AP
Opinion
Opinion
The View
US freezing of Russian central bank assets over Ukraine war puts China in a quandary
- The international financial system is based on the trust that all participants will play by the rules, and honouring debt obligations is one of the most important
- If all foreign assets can be frozen in a split second by reserve-currency countries, policymakers should not waste their time with hedging measures like diversification
US Treasury Secretary Janet Yellen and Ukrainian Prime Minister Denys Shmyhal meet at the Treasury Department in Washington on April 21. US sanctions on Russia include freezing the country’s foreign exchange reserves. Photo: AP
