In the week of July 7-July 14, the volume of Russia’s gold and foreign exchange reserves increased by 1.9% to $594.4 billion. should from the editor’s message.
Central Bank dynamics explained by a positive revaluation, which is linked, among other things, to the depreciation of the US dollar against other reserve currencies.
Russia’s historical record for international reserve volume was broken on February 18, 2022, which reached $643.2 billion, after which its volume began to decline. It reached $583.1 billion as of July 7, and last year that figure was down 8.4%.
The Ministry of Finance of the Russian Federation announced in March 2022 that approximately $ 300 billion of Russian gold and foreign currency reserves were frozen due to US and EU sanctions. According to the Central Bank of Russia, as of January 1, the regulator holds $612.9 billion in reserves, of which 15.7% is in Germany. In addition, 9.9% of assets are located in France and 9.3% in Japan. 6.4% of reserves were located in the USA, 5.1% in the UK, 2.7% in Canada and 2.5% in Australia. In other words, 51.6% of the assets should have been located in the countries that imposed sanctions. Kirill Logvinov, Deputy Permanent Representative of the Russian Federation to the European Union, said that Russian assets frozen in the West will have to be returned sooner or later.
The European Commission has repeatedly reported on the study of the possible use of the reserves of the Bank of Russia for the needs of Ukraine, but so far there is no legal basis for such actions in the European Community.
Previously reportedthat the world’s central banks began to buy gold from Western vaults.
Source: Gazeta
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