It's an artifact. The guys spreading the story are Fedorov who is prime suspect in one of the most outrageous of the outrageous thefts of the capitalist restoration (of diamonds worth in the upper 9 figures), and Dubinin who was at the head of the central bank last summer when 1. the IMFs $4.5 billion disappeared and 2. the whole swindle came undone. Gueraschenko (head today of Gosbank and someone I know to be honest) has testified that $1.4 billion was put in an offshore entity owned by the French subsidiary of Vneshbank in 1993 and removed in 1997. Interest was paid and the capital restored. No scandal.
Central banks have put reserves in more than a few places other than their own vaults or those of other central banks. The Italian central bank put big money with LTCM.
The offshore entity was set up in 1990, as a result of a reasonable concern that events could happen that would result in attempts to freeze or seize accounts of Vneshbank abroad. Many things could have happened in 1991 other than the nightmare disaster of capitalist restoration that did in fact happen. Some outcomes could have involved sharp contradictions with the US & the need to frustrate attempts to seize Vneshbank's money in, for example, their US accounts.
This was not an imaginary danger. In 1985 during an "Evil Empire" hysteria a particularly dumb US district judge in Central District of California didn't prevent an LA lawyer (with connections to the "Save Soviet Jewry" crowd) from attaching Vneshbank accounts with BofA in NYC. It took us a while to untangle the mess. If Nathan or Charles or anyone else with Lexis/Westlaw access is interested it's reported as *Gregorian v Isvestia* (sorry don't have the district court & 9th Circuit cites at hand).
John Mage