Russia seeks a way to counter economic instability by seizing 60 trillion rubles of its citizens 

The war between Russia and Ukraine has made the revival of economic situations more difficult, especially in Russia itself 

On 24 Feb, Russia launched a full-fledged military operation in its neighboring country Ukraine. Although Russia didn’t consider this operation as a war, the rest of the world thinks of it as a war and which it turned out to be. 

Wars affect the countries drastically, not only those involved in it but also the entire world, especially in this age of the globalized world. However, the countries involved in the war lost the most as they remained close to the burning fire. 

Economic and financial systems were among the most affected regions in any country during the war. The same goes with Russia, where the inflation rate was already getting higher and current citation made it worse, the value of the Ruble also decreased against the US dollar, and so many worse case situations were being made in the Russian economy. 

Other than market skepticism by war, the sanctions deployment plans by western countries are also a significant factor in weakening the Rubles value, export, and import, and ultimately the financial position of Russia. 

The Russian Government and Central Bank are taking possible countermeasures to deal with the situation. Recently, State Duma deputy of the Communist Party of Russian Federation (CPRF), Nikolai Arefiev, revealed the Government would use the funds of Russian residents in allocating them to deal with the economic loss being experienced by the country. 

Nikolai specifically said that if western countries block all the funds abroad, then the Russian Government will have no choice other than to seize all the deposits of Russian citizens. There is a total amount of approx 60 trillion rubles which need to be recovered to get out of such a situation.

These measures by the Russian Government are being taken or are being planned to bear against the sanctions imposed by the UN and western countries. The European Union has already announced its plans to remove Russia from the SWIFT financial messaging system. 

Other than these sanctions and bans on Russia, those countries are planning to seize the money and assets of Russia and Russian citizens to block their income stream, which would make the country economically weak and stop the war and eventually pay for it. 

Russia possesses around $640 billion in gold and foreign currency in reserves outside the country. Besides this, about $158 billion worth of Russian rubles and another $470 billion in Oligarch’s wealth is in foreign bank accounts. 

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Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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