The Russian Central Bank's asset freeze undermined confidence in the dollar and gold storage in the United States

The freezing of assets of the Central Bank of Russia by the West undermined the confidence of a number of countries in the dollar and the practice of storing gold in the United States. This consequence was called by the newspaper Les Echos.

According to the publication, gold from third countries was stored for a long time in the Federal Reserve Bank of New York and the Bank of England, which provided access to the most liquid markets in the world. However, the freezing of assets of the Central Bank of the Russian Federation in 2022, as noted in the article, “shuffled the cards.”

Central banks have accelerated the move away from the dollar in their reserves. The sanctions have also pushed countries to withdraw gold from overseas storage or find other places for it, the publication said.