Did Russia liquidate their Treasurys or just move them offshore?

The Kremlin may be trying to pull off a balancing act by mostly shifting its cache offshore, rather than selling outright.

Analysts at the Council of Foreign Relations this week found that holdings of American bonds in Belgium and the Cayman Islands increased by about $45 billion in the same period that Russia was reducing its U.S.-based hoard, meaning it may have been an attempt to protect against seizure.

https://www.bloomberg.com/news/articles/2018-08-15/russian-g...