The Governor of the Central Bank of Russia, Elvira Nabiullina, spoke at a recent press conference about the ongoing work related to requests for the return of frozen assets tied to the Russian Federation. The central bank has not ceased efforts to recover funds that have been frozen under various international measures, and officials are moving forward with preparations while facing certain procedural and legal hurdles. Nabiullina underscored that this is an area where the bank is actively engaged, even though precise timelines for filing claims were not disclosed. This cautious approach reflects the complexity of international law, sanctions regimes, and the need to balance sovereign financial interests with broader global economic considerations.
In addressing wider questions around the use of frozen assets, Nabiullina commented on the European Union’s strategy to redirect revenues generated from these assets to support Ukraine. She noted that such an approach could complicate the euro’s role as a stable reserve currency and might affect its acceptance in international reserves and cross-border payments. The bank’s leadership stressed that any shifts in asset recovery or utilization policy carry implications for exchange-rate stability, international liquidity, and the risk profile of national reserves. The message conveyed is one of careful consideration of how sanctions-related asset movements could influence the wider monetary system and the confidence of market participants in the ruble and in Russia’s financial governance.
Regarding the security of the country’s gold and foreign exchange holdings, Nabiullina asserted that there are no immediate threats to the safety of these reserves. The central bank is not pursuing additional diversification at this stage, citing a favorable assessment of current reserve structures. Observers have noted a global environment of rising precious metals prices, which the bank says can provide a pathway to addressing structural balance considerations tied to the reserve portfolio. This perspective aligns with a conservative, risk-aware stance on reserve composition, even while external price movements in gold and other metals influence strategic choices about liquidity, diversification, and risk hedging.
At other times, Nabiullina has signaled expectations for a moderation of inflation in the coming year. The central bank continues to monitor price dynamics closely, weighing domestic demand, supply constraints, and external factors that could alter the inflation path. The overall framework remains focused on preserving price stability, supporting sustainable growth, and maintaining confidence among investors and consumers alike. The bank’s leadership emphasizes that inflationary pressures are being addressed with prudent policy guidance and continuous assessment of fiscal and external balances, with an eye toward long-term macroeconomic resilience.