This is a really weird article. It's 100% sourced from one "note" written by some guy at Eurizon, with no alternative perspectives given or seemingly even requested from anyone. (Especially weird given that economists love to talk!)

And the perspective being pushed isn't just the fact of the reserve decline, but specifically that is being driven by sanctions on Russia, which seems like a huge, huge reach to push without analysis or rebuttal.

This has the smell of a deliberate hit piece, basically.