Russia Speaks out on Why It Dumped Its Entire Stock of US Bonds
NOVANEWS
It figured it was risky and didn't make sense to hold assets of a country which keeps passing financial sanctions on Russia
Tyler Durden
As we detailed here first, during the months of April and May, as the Yuan-denominated oil futures were launched, trade war threats escalated, and sanctions were unleashed, Russia liquidated almost 90% of its US Treasury holdings.
The question most had was simple - why?
Speculation ran the gamut from this action being a dress-rehearsal - carefully coordinated with Beijing to field test what would happen if/when China also starts to liquidate its own Treasury holdings; to forced sales to cover liquidity needs on sanctioned Russian entities.
But now we have an "insider's" view on why Putin was puking his T-Bonds.
Andrei Kostin, chairman o...