Russian foreign exchange reserves continue to grow — RT Business News

Country’s assets jumped by more than $14 billion in December, central bank says

Russia continues to increase its foreign currency reserves, which topped $580 billion in December, the Bank of Russia announced this week.

According to the regulator, holdings stood at $581.9 billion as of January 1, up 2.6% or $14.7 billion month-on-month due to a positive revaluation of currencies.

The figure, however, is lower than a year ago – on January 1, 2022, the country’s international reserves stood at $630.6 billion, and subsequently hit an all-time high of $643.2 billion. dollars on February 18.

Russia’s foreign exchange reserves consist of monetary gold, special drawing rights (SDRs) within the IMF and foreign currencies held in the country, as well as Chinese yuan assets.

About half of the assets were frozen by Western central banks in early March as part of anti-Russian sanctions over the Ukraine conflict. In addition to freezing the funds, Western countries have banned operations related to their management.

On November 30, the President of the European Commission, Ursula von der Leyen, proposed to create an investment fund from frozen Russian assets and blocked funds belonging to Russian businessmen, and to use the benefits for Ukraine’s post-conflict restoration.

Moscow has repeatedly called for the freezing of its assets “flight” and warned that this contradicts international law.

Russian authorities are considering all possible legal mechanisms to regain access to Russian foreign assets and are ready to take decisive action to protect domestic propertysaid Russian Foreign Ministry spokeswoman Maria Zakharova during a press briefing on Thursday. She called the West’s seizure of Russian assets “gross encroachment on sovereign property” and warned of a “adequate response.”

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