Optionality
locked — sanctioned and largely cut off from Western finance: ~$300-335B of reserves immobilized, SWIFT access curtailed, capital controls in force, energy sold at a discount to a narrowed buyer set. Low debt is moot when market access is blocked.
Sourced figures 1
- Wikipedia — International sanctions during the Russian invasion of Ukraine ~$300-335B reserves frozen; broad Western financial sanctions since Feb 2022
the working
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