Andy Schectman: Russia Responds With $440 Sanction of JP Morgan

There’s a growing chance that a few decades from now we’ll look back at what happened on March 11, 2022, when Russia was kicked out of the SWIFT system, as one of the major turning points of our modern financial system.

At that point the US had already frozen over $300 billion of Russian assets after Russia’s invasion into Ukraine. And following the decision to remove Russia from SWIFT, we’ve seen an acceleration of the de-dollarization movement, as other countries have wondered whether they could be next.

Now the US is considering sanctions against China while moving legislation forward to confiscate the frozen Russian assets, and Russia has responded by sanctioning $440 million of JP Morgan assets.

To find out more about this disconcerting escalation, and how it will impact the precious metals market, Andy Schectman checks in for his weekly report.