Russia has a “safety pad” in assets that are not subject to sanctions, and reserves are created according to which assets cannot be used for sanctions pressure. This was stated in the State Duma by the head of the Central Bank of the Russian Federation, Elvira Nabiullina.
“We can now feel pretty calm – our country has a “safety cushion” of non-sanctioned assets. At the same time, let’s assume that the problems of the global financial system will “raise” us faster than geopolitical shocks. And if we didn’t have foreign exchange reserves in this situation, we wouldn’t be able to mitigate the shock for our economy,” he noted.quotation according to TASS).
According to Nabiullina, the Central Bank is now building reserves based on which assets cannot be used for sanctions pressure and how the Russian Federation’s foreign trade has changed.
Nabiullina also emphasized that the regulator continues to work to return the Central Bank’s frozen reserves in dollars and euros. According to him, the Central Bank of Russia has a negotiating position on this issue. Earlier, the head of the Central Bank said that about $ 300 billion of Russian reserves were frozen due to Western sanctions.