Due to the actions of the sanctions of Western countries and their allies, about $300 billion of Russia’s gold and foreign exchange reserves were blocked, which is about half of their volume. This was announced on March 13 by the head of the Ministry of Finance of the Russian Federation Anton Siluanov on the air of the channel “Russia 1“.
“This is about half of these reserves that we had. We have a total amount of reserves of about $640 billion, about $300 billion of reserves are now in a state in which we cannot use them,” the minister said.
The head of the financial department also noted that part of the Russian gold and foreign exchange reserves is stored in yuan, in connection with which the West is putting pressure on China to also restrict Russia’s access.
“We know that part of our gold and foreign exchange reserves is in Chinese currency – in yuan. And we see the pressure exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves that we have in yuan,” Siluanov said.
At the same time, he expressed the hope that the partnership between Moscow and Beijing would not only maintain the current level of cooperation, but also increase it.
At the same time, the head of the Ministry of Finance stressed that Russia has enough funds necessary for the production of goods.
“Certainly, we have enough money to ensure the production of vital goods, necessary goods, to ensure settlements. We have enough resources in the budget. The Central Bank will provide the necessary liquidity to the financial system,” the minister concluded.
On March 11, First Deputy Minister of Economy of Ukraine Denis Kudin said that the country’s authorities are discussing with Western partners the possibility of confiscating the gold and foreign exchange reserves seized from the Central Bank of the Russian Federation. According to him, Kyiv, together with partners, is looking for legal mechanisms for the implementation of such plans.
A day earlier, Siluanov, commenting on the freezing of Russia’s gold and foreign exchange reserves, stressed that Western countries had begun an economic war against Russia, trying to create a shortage of goods. According to him, the government has taken measures to attract capital to the country. The minister pointed out that the key task of the government remains to stabilize the financial system of the state and ensure its smooth operation.
On March 4, Russian Deputy Finance Minister Irina Okladnikova expressed hope that the Central Bank would restore access to gold and foreign exchange reserves as a result of negotiations with the European Union.
Western countries began to impose sanctions in response to Russia’s conduct of a special operation in the Donbass. On February 28, the European Union approved the decision to freeze the assets of the Central Bank. The head of the regulator, Elvira Nabiullina, then stressed that the Russian financial infrastructure would work smoothly.
Russia launched an operation to protect the civilian population of Donbass on February 24. As Kremlin spokesman Dmitry Peskov clarified at the time, the special operation has two goals – the demilitarization and denazification of Ukraine. According to him, both of these aspects pose a threat to the Russian state and people. The Russian side also emphasized that it does not hatch plans for the occupation of Ukraine, and strikes are carried out only on the military infrastructure of the Armed Forces of Ukraine.
The situation in the region escalated significantly in mid-February due to shelling by the Ukrainian military. The authorities of the DPR and LPR announced the evacuation of residents in the Russian Federation. On February 21, Russian President Vladimir Putin signed a decree recognizing the independence of the republics.
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