Actions have consequences.....
Once you weaponize the Worlds Reserve Currency, trust is lost. Trust is the only thing that keeps the value of the US dollar where it is.....
Do you really think countries around the world want to hold US Treasuries now?
Quote:
Congress passes bill that could unlock billions in frozen Russian assets for Ukraine
More than $6 billion of the $300 billion in frozen Russian assets are sitting in U.S. banks.
The House passed a foreign aid package Saturday as well as what's called the REPO Act, which would allow the Biden administration to confiscate billions of dollars' worth of Russian assets sitting in U.S. banks and transfer them to Ukraine for reconstruction.
"By delivering urgently needed aid to Ukraine, the United States has reasserted itself as the leader of the free world and as a reliable partner to its allies," Rep. Ritchie Torres, D-N.Y., said on social media. "The US has a singular obligation to help freedom fighters fight for their freedom, and nowhere more so than in Ukraine, whose self-defense against Putin's aggression must prevail."
The REPO Act, which would authorize Biden to confiscate the frozen Russian assets in U.S. banks and transfer them to a special fund for Ukraine, is part of the foreign aid package that was stalled for months in the House. More than $6 billion of the $300 billion in frozen Russian assets are sitting in U.S. banks. Most of the $300 billion in assets are in Germany, France and Belgium.
https://www.nbcnews.com/news/world/house-vote-billions-dollars-russian-government-money-sitting-us-banks-rcna148671
[url=https://www.zerohedge.com/markets/russia-seize-440-million-jpmorgan][/url]Quote:
Just days after Washington voted to authorize the REPO Act - paving the way for the Biden administration confiscate billions in Russian sovereign assets which sit in US banks - it appears Moscow has a plan of its own (let's call it the REVERSE REPO Act) as a Russian court has ordered the seizure of $440 million from JPMorgan.
The seizure order follows from Kremlin-run lender VTB launching legal action against the largest US bank to recoup money stuck under Washington's sanctions regime.
As The FT reports, the order, published in the Russian court register on Wednesday, targets funds in JPMorgan's accounts and shares in its Russian subsidiaries, according to the ruling issued by the arbitration court in St Petersburg.
The assets had been frozen by authorities in the wake of the western sanctions, and highlights some of the fallout western companies are feeling from the punitive measures against Moscow.
Specifically, The FT notes that the dispute centers on $439mn in funds that VTB held in a JPMorgan account in the US.
When Washington imposed sanctions on the Kremlin-run bank, JPMorgan had to move the funds to a separate escrow account. Under the US sanctions regime, neither VTB nor JPMorgan can access the funds.
https://www.zerohedge.com/markets/russia-seize-440-million-jpmorgan
Once you weaponize the Worlds Reserve Currency, trust is lost. Trust is the only thing that keeps the value of the US dollar where it is.....
Do you really think countries around the world want to hold US Treasuries now?
