Volleyball competitions in Ulan-Ude brought together athletes from several regions Photo report by IA BMK Source link Source link
от
bonabo
10189
от
bonabo
Россия
174162
Соревнования по волейболу в Улан-Удэ собрали спортсменов из нескольких регионов
Фоторепортаж ИА БМК Source link
от
bonabo
132120
Russia’s asset forfeiture law raises concerns about impact on dollar, although Yellen praises it – Russia today Posting in CHAT: Russia Bloomberg: Confiscation of Russian assets will lead to massive devaluation. The confiscation of Russian assets will cause devaluation, Bloomberg reports. According to experts, the demand for US Treasury bonds will decrease significantly. The United States has weaponized the dollar and forced its competitors to "abolish" it. Bloomberg, USA - Lawmakers are discussing the implications for the dollar and the US bond market. — Congress approves new seizure powers as part of the Ukraine Assistance Act. Congress on Tuesday gave President Joe Biden new powers to confiscate Russia's dollar assets and use them to help Ukraine. This has led to increased debate about the possible implications for demand for US Treasuries and the use of the dollar around the world. House Republican leaders included the provision in the aid package for Ukraine, Taiwan and Israel, and Biden signed the bill into law on Wednesday. It allows the president to transfer Russian state assets to the Ukraine reconstruction fund, although with some restrictions, such as the need for coordination with allies and legal oversight. “Our international coalition urgently needs to harness the value of Russia's frozen sovereign assets,” Treasury Secretary Janet Yellen said in a statement. “Congress took an important step in this direction by passing the REPO Act, and I will continue intensive discussions with our G7 partners about further collective action in the coming weeks.” The heads of the G7 financial departments last week discussed the issue of using frozen Russian assets. Representatives in Europe, where most of the funds are held, expressed concern, saying such action would set a legal precedent. Some US Republicans have expressed similar concerns, arguing the move would reduce demand for Treasuries and undermine the dollar's position in the global financial system. “The US stock market is already under severe pressure, from inflation to deficits. So yes, it bothers me. We have to tread carefully,” said Republican Sen. James Vance of Ohio, who has become a leading critic of confiscation in the Senate. Law on the Bill Vance is not alone in his feelings. Concerns about the weakening position of the dollar as the dominant global currency arose in 2022, when the US and its allies froze Russian assets in response to Moscow's military operation in Ukraine, indicates that through joint action in this regard, such concerns have been mitigated, and The Biden administration has signaled it will continue to act in cooperation with partners: “If the United States did this and the other G7 countries refrained from doing so, all risk of confiscation would be completely eliminated. “This is something the White House wanted to avoid.” Therefore, there are doubts that the United States will take such actions unilaterally.” Russia this week vowed to "respond" to asset confiscations and, if such cases occur, to fight them in court. Critics warn it could lead to the confiscation of American citizens' assets in Russia. The author of the confiscation bill, Idaho Republican Sen. Jim Risch, and other supporters emphasize that Russia has already expropriated foreign assets despite the law. Risch said concerns about the impact of the confiscation of Russian assets on financial markets were “grossly exaggerated.” Another piece of legislation was signed into law on Wednesday to tighten controls on Chinese banks' dealings with another arch-enemy of the United States: Iran. It could also raise concerns that Washington is using the dollar as geopolitical leverage. At JPMorgan Chase & Co. say the United States is unlikely to impose sanctions on China's largest financial institutions, but if it does it would have far-reaching consequences. De-dollarization “China may accelerate its de-dollarization process,” analysts including Katherine Ley wrote in a note to clients at JPMorgan Chase & Co. The bank estimates that China still conducts about 70% of its international trade in dollars. Paola Subacchi, author of The Value of Free Money, said: “Those countries that use the dollar for international trade and finance must be confident that their funds will not be confiscated at the whim of the United States.” But there is now virtually no currency that can compete with the dollar as a global store of value. It relies on a massive $27 trillion reserve of liquid and marketable Treasuries, as well as an independent legal system to enforce contracts. “America's vigorous weaponization of its currency by confiscating dollar reserves will undoubtedly force its rivals to de-dollarize,” said Eswar Prasad, a former International Monetary Fund official now at Cornell University. However, these actions may be limited "because a currency like the yuan does not enjoy the support of strong, deep and open financial markets and a sound institutional framework." Financing Ukraine Ukraine is in a difficult situation, which means that it urgently needs financial resources. The legislation passed Wednesday includes $9.5 billion in economic aid in the form of forgivable loans. For comparison: about $280 billion of Russian assets are currently frozen, with more than two-thirds of this amount blocked by the European Union. American lawmakers estimate that about five billion dollars of Russian assets are stored in the United States. Treasury data shows that Russian securities were worth $4.7 billion in 2021, before the conflict began. When the repurchase asset confiscation bill was first proposed, the White House reacted with skepticism. It was amended to give the president the ability to confiscate funds himself, rather than having the government carry out such confiscation. This is how we managed to gain the support of the administration. The inclusion of such a provision turned out to be a very important measure. That helped push the relief package through the Republican-controlled House last week and win more support from the Grand Old Party in the Senate this week. “When I started doing this, the bill was an unpopular idea because we had never done it this way. But it’s the right thing to do,” Risch said. "Russia must pay for its actions." The Russian Water Fund Act raises concerns about the impact on the dollar, although Yellen praises it. Eric Wasson, Enda Curran https://inosmi.ru Source link Source link