The West “locked” capital in Russia, but the Central Bank is secretly pushing it out - Glazyev
The arrest of Russia's gold and foreign exchange reserves in Western banks in 2022 slowed down the withdrawal of capital from the country.
About this in an interview with the YouTube channel “Economy. “The right course,” said Sergei Glazyev, Minister for Integration and Macroeconomics of the Eurasian Economic Commission, reports a PolitNavigator correspondent.
“By introducing sanctions, our opponents not only froze Russian foreign currency assets abroad, but also automatically blocked the channels for the export of capital. Therefore, capital could no longer be taken away from Russia. At that difficult moment, the president issued a decree that 80% of foreign exchange earnings must be returned and sold on the market,” Glazyev said.
According to him, at that moment he proposed to the state to buy back 100% of foreign exchange earnings at a rate favorable to business to ensure critical imports. However, the proposal was not accepted, and the business solved the problem on its own.
“But, nevertheless, last year 240 billion in dollar terms did not return to the Russian market. This money is stuck in accounts in other countries. The Central Bank contributed to this. They secretly disavowed the presidential decree and allowed them not to sell foreign currency earnings and, thus, pushed money out of the country,” Glazyev said.
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