The Central Bank of Russia has issued a warning to residents about the risks involved in keeping funds in foreign accounts. The warning appears in an official post published on the regulator’s website and emphasizes caution for Russian tax residents when their assets are held abroad.
The central bank explains that measures such as closing accounts and transferring assets to specially segregated accounts are applicable to Russian tax residents in general, not only to sanctioned individuals. This means that storing money in foreign accounts carries elevated risks for Russian citizens, who should take these considerations into account when managing their finances abroad.
There is a history of active efforts by the regulator to reclaim international reserves. Reports indicate that the central bank has prepared a number of lawsuits aimed at recovering blocked assets. A spokesperson noted that the process of returning international reserves is not a publicity drive and should proceed with deliberate, careful steps rather than noise.
In the spring of 2022, the Finance Ministry estimated that the amount of blocked gold and foreign currency reserves stood at about 300 billion dollars. This freezing occurred in response to anti-Russian sanctions imposed by other nations. In retaliation, the Russian Federation implemented mirror restrictions that effectively froze a comparable amount of foreign capital within the country’s borders.
On April 19, 2022, the head of the Central Bank, Elvira Nabiullina, announced an intention to pursue legal action to recover the blocked reserves. This move underscored the regulator’s commitment to protecting the country’s financial assets in the face of international measures.
According to the Central Bank of Russia, the official volume of international reserves stood at 595,787 billion dollars as of May 1, 2023. This figure reflects ongoing tax and regulatory considerations, as well as the broader implications for Russia’s monetary policy and financial independence in a changing global landscape. [Citation: Central Bank of Russia]