China, Russia and Japan all reduced their holdings of U.S. Treasuries in March. Japan reduced its holdings by $10.6 billion, Russia by $25.6 billion and China by $800 million.

Russia’s move was widely expected amid speculation that the west may freeze Russian assets as part of sanctions over the Ukraine. By selling $25.6 billion Russia cut its exposure to U.S. sovereign debt by a staggering 20%.

Interestingly Belgium bought $40.2 billion of U.S. treasuries and is now the U.S.’s third largest creditor after the Japan and China. The small European country now holds $391.4 billion of U.S. treasuries.