Switzerland has joined in full the EU sanctions against Russian banks including the Russian central bank. They hesitated long.
German TV said - to my very big surprise - the Russian central bank has enormous foreign currency reserves (okay, that I knew) - but they stored 50-60% of these in
foreign nations and bank deposits. Well, how stupid is that, if I may ask?
You build reserves worth 500-600 billion to become independent from banking and financial sanctions like these - and then you leave them scattered around in reach of the enemy striking at them thsi easily...?? Stunning!
That means they have lost in one day 50-60% of their currency reserves.
And the ruble turns more and more into rubble.
He may also find it difficult to sell his gold reserves.