Russia’s international reserves increased by $1.1 billion in the week, reaching $587.8 billion as of January 26. This is stated in materials Central Bank of the Russian Federation.
According to the report, growth was driven by positive revaluation of assets. Its impact exceeded the volume of operations of the Central Bank for the sale of foreign currency within the framework of the fiscal rule.
As of January 19, reserves are estimated at $586.7 billion. Thus, it increased by 0.2% during the week. Overall, Russia’s reserves increased by 2.9% in 2023, reaching $598.592 billion as of January 1, 2024. The historical maximum was recorded on February 18, 2022, with $643.2 billion.
After the start of the special operation in Ukraine, Western countries imposed sanctions on the Central Bank of the Russian Federation and froze some of its gold and foreign currency reserves. Kirill Logvinov, the permanent representative of the Russian Federation to the European Union, says that Russian assets frozen in the West will have to be returned sooner or later.
The European Commission has repeatedly stated that it is investigating the possible use of the Central Bank of Russia reserves for Ukraine’s needs, but so far there is no legal basis for such actions in the EU. In addition, the legal service of the European Union stated that “no one knows where 86 percent of the frozen assets of the Russian Federation are.”
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