By January 20, 2023, Russian international reserves increased by 0.4% or by $2.6 billion. This was announced on January 26 in the Bank of Russia.
Thus, the volume of reserves is $594.6 billion against $592 billion as of January 13.
International reserves are highly liquid foreign assets held by the Central Bank and the government of the Russian Federation. They consist of foreign currency funds, special drawing rights, a reserve position with the International Monetary Fund (IMF), and monetary gold.
After the start of the special operation of the Russian Federation, Western countries tightened sanctions and imposed restrictions on the Central Bank of Russia. In addition to the freezing of gold and foreign exchange reserves, all operations related to the management of reserves and assets of the Central Bank were banned.
As noted in March 2022 by the head of the Ministry of Finance of the Russian Federation Anton Siluanov, Western countries have frozen about $ 300 billion of Russia’s gold and foreign exchange reserves, which is about half of their volume. At the same time, the minister pointed out that the country has enough funds necessary for the production of goods. The Central Bank is preparing claims for the return of assets.
At the same time, as Prime Minister Mikhail Mishustin stressed on January 19, the Russian economy, although operating in non-standard conditions, is coping with incoming challenges. He pointed out that according to the results of last year, the Russian economy is adapting to new conditions, the main tasks are being solved and social obligations to citizens are being fulfilled in full.
