The U.S. Justice Department started a task force focused on enforcement of sanctions and export control restrictions imposed on Russia for its invasion of Ukraine.
Fed Chair Powell told the House Financial Services Committee that he backs a quarter-point interest-rate hike this month, and he didn't rule out a larger move in the near future.
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But unwinding holdings—most of which are in index funds, not direct investments—is complex and could mean losses, as these assets are trading at deep discounts and liquidity is scarce.
"Technically it might be difficult to pay," as platforms that typically facilitate transactions have closed access to Russia, as a result of the invasion of Ukraine.
"The ruble has ceased to be a freely convertible currency with the sweeping sanctions. In terms of currency policy, this throws Russia back to the early 1990s and the time before the country's comprehensive economic opening."
Bank of Russia reassures the world after Putin banned Russians' payments of hard currency to foreigners, including payments made "in connection with loan agreements."
Concrete steps taken today can help mitigate the impact the crisis will have on your organization. They can also lay the groundwork for long-term improvements in key treasury processes.
