International reserves of the Russian Federation as of March 25 amount of 604.4 billion dollars According to the Central Bank’s documents published on March 31, it decreased by 38.8 billion dollars compared to February 18.
“Reserves decreased by 6%, mainly as a result of currency interventions, currency refinancing and currency revaluation of assets,” said a regulatory statement.
At the beginning of March 2022, the Bank of Russia stopped releasing updated information on the volume of international reserves of the Russian Federation. All publications used data as of Feb. 18, when reserves reached $643.2 billion and hit an all-time high.
As of February 25, international reserves stood at $629.4 billion as of March 4, $608.9 billion as of March 11, and $611.8 billion as of March 18, the Central Bank said on Thursday.
“To limit the impact of sanctions risks, the Bank of Russia has changed the format of publishing data on the Russian Federation’s international reserves and asset management in foreign currency and gold. From March 31, 2022, the Central Bank of Russia will continue to publish the indicator of the total volume of international reserves of the Russian Federation on a weekly and monthly basis.
From January 1, 2022, data on the management of assets in foreign currency and gold will be published in the Annual Report of the Central Bank of Russia for 2021.
The publication of reviews of the Central Bank of Russia on the activities of managing assets in foreign currency and gold from January 1, 2022 has been suspended. domain regulator.
International reserves, which are highly liquid foreign assets held by the Bank of Russia and the government of the Russian Federation, consist of foreign exchange funds, special drawing rights, a reserve position at the IMF, and monetary gold.
Freezing of Central Bank assets
In connection with Military special operations of the Russian Federation in Ukraine Many countries impose sanctions on Russia.
“Their numbers are increasing day by day. Already on March 8, the Russian Federation became the world leader in terms of the number of restrictions imposed on it. The total number of various sanctions is about 6 thousand. On 15 March, the European Union announced the next fourth ban package. For comparison: less than 4 thousand such measures were taken against Iran and less than 2.5 thousand against North Korea.
The main restrictions relate to asset freezing. At the end of February, the EU and the USA froze the assets of the Central Bank of the Russian Federation.
Therefore, in accordance with the EU decision, all transactions related to the management of the reserves of the Central Bank of the Russian Federation are prohibited, including transactions with legal entities and state institutions acting on its behalf, ”explains the portal Pravo.ru.
Russian Finance Minister Anton Siluanov confirmed that half of the Central Bank’s assets were frozen. According to him, because of the sanctions, Russia lost access to about $300 billion of the $640 billion. RBC.
Later, Russian President Vladimir Putin announced in response that the Russian Federation would start selling oil and gas to non-friendly countries in exchange for rubles.
president on thursday signed A decree on gas trade with “unfriendly countries”, forcing them to pay in rubles.
Putin explained that in order to buy gas, Western countries must open a ruble account in Russian banks. He stressed that Moscow “will not engage in charitable work” and will consider it a breach of contract if it refuses to pay rubles.