Russian Finance Minister: Due to sanctions, we cannot use almost half of our reserves

Foto: SCANPIX/REUTERS/LETA

Russia is unable to access its $ 300 billion (US $ 273 billion) financial reserves, nearly half of its state reserves, Russia’s state finance channel Rossiya-1 told Russia’s finance minister, Anton Siluanov, due to Western sanctions.

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“Our total reserves are around $ 640 billion. At present, we cannot use about 300 billion US dollars from these reserves, “the minister said.

The freezing of Russia’s assets by the United States, the European Union (EU) and other countries means that Russia has problems meeting certain obligations and paying part of its debts, Siluanov explained.

He said part of the gold and foreign exchange reserves were held in Chinese yuan and that Western countries were putting pressure on Beijing to restrict trade with Moscow.

However, the minister expressed confidence that relations with China would be maintained and reiterated that debts to “hostile countries” such as the United States and EU member states would be paid only in rubles.

Despite the war in Ukraine and the sanctions imposed in connection with it, Russia’s reserves remain strong, Siluanov said, citing billions in gas, oil and coal revenues.

Russia’s finance minister has promised that the state will support banks sanctioned by the West, and said it has enough money to produce basic necessities.

“The central bank will provide the necessary liquidity to the financial system,” Siluanov said, adding that special attention would be paid to food prices.

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