Is China Helping Russia Hide Money?

$80 billion

Foreign Affairs: “Our research suggests that Russia may have stashed tens of billions of dollars in reserve assets in opaque offshore accounts, where it holds dollar-denominated securities beyond the reach of international sanctions and asset freezes. We see indications, in fact, that across two different periods—one in mid-2018 and the other late last year, as Russia built up troops on the Ukrainian border—Russia may have secluded up to $80 billion in Treasury securities offshore. … Russia’s total offshore dollar holdings, of course, could be higher still. And there are signs, too, that Russia may have moved some of its dollars with help from a foreign government.”


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