Russian Central Bank Buys Canadian Dollars

By: Ainsley Brown The Russian central bank, the Bank of Russia, announced today that it will begin to further diversify its foreign currency reserves by buy Canadian dollar dominated deposits and securities. The move is in response to the falling value of the US dollar and the appreciation of commodity based currencies such as the Canadian and Australian dollars. While it was

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Russia Drops Two Year Legal Battle Against New York Bank

By: Ainsley Brown The Russian Federal Customs Service has dropped its $22.5 billion suit against Bank of New York Mellon (BNY), the world’s largest custodian of assets. Yes, you read that correctly that 22.5 Billion with a B. The suit was brought by the Russian Federal Customs Service in 2007 alleging that BNY was at the centre of illegal money

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