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New US sanctions may lead to restriction of the circulation of the dollar in Russia

Новые санкции США вполне могут привести к ограничению оборота доллара в России

Limit cash dollar and convertibility of dollar deposits in the ruble is possible in Russia, says doctor of economic Sciences Nikita Krichevsky. As stated by the expert to the correspondent of “Rosbalt”, this can happen in the event of a further unwinding of the “sanctions war” with the United States.

“I talked about this for about a month and a half, and even more. This will be one of the possible variants of protection of population in case of the announcement of the sanctions, which are called “hellish”. And, this I see, because in this situation you could say that because frozen correspondent accounts, we can’t give you your money back… And then the government, in the person of the state Bank, says: we will refund the money, but it will depend on what sanctions are and whether they will do,” said Nikita Krichevsky.

The expert emphasized that the specific mechanisms of conversion of deposits may be different. “This is not forced conversion: here are the sanctions imposed, the next day take rubles. Possible conversion option as of the end of the contribution, the conversion option in Euro or another currency. Finally, it may not be conversion, but simply you will get your dollars in subsidiary Bank that is not under sanctions. Today stocks of cash currency in banks is very large,” said Nikita Krichevsky.

Earlier Wednesday, the head of VTB Andrey Kostin said that the Bank is ready for any scenario of the introduction of new US sanctions and count on the support of the Central Bank and the Russian authorities. A number of measures will be aimed at protecting the interests of the holders of dollar deposits in the imposition of Washington’s de facto ban on the use of Russian banks the national currency. Most likely, the return of funds from dollar deposits can be made in another currency.

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