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I was wondering about that. Given that they're all fiat currencies, why can't the foreign national banks just say 'Your money is no longer valid' to Russia? Goodbye foreign reserves.
Brommers-
Sets a really shitty precedent and potentially leads to countries withdrawing their money for fear it is no longer safe in Central Banks. The US have basically done it recently with the Taliban, The Government of Afghanistan had 6bn in the Federal Reserve and when the Taliban took over, the US said they are keeping it, some of it is apparenty going to be used to as payments for families of 9/11 victims apparently and their is a famine in Afghanistan
greentricky
Looks like they are now going after the central banks foreign reserves which is far worse than getting kicked out of Swift or the other sanctions announced, massive economic escalation
https://twitter.com/HenryJFoy/status/1497705581817253889