finance minister RussianAnton Siluanov said on Sunday that the West has blocked some $300 billion of the world’s gold and foreign exchange reserves. Central Bank of Russia due to sanctions for the invasion of Ukrainealmost half of Russia’s reserves.
“This is about half of these reserves that we had. We have a total amount of reserves of about $640 billion, and of those about $300 billion are now in a situation where we cannot use them,” Siluanov said, in an interview with Russian public television, according to Russian agencies.
The minister accused the West of putting pressure on China to limit Russia’s access to its yuan reserves.
Siluanov recalled that part of the Russian Federation’s gold and foreign exchange reserves are in yuan, so the West is trying to get China to restrict Russia’s access to its currency as well.
“And we see the pressure put by Western countries on China to limit mutual trade with China. Of course, there is pressure to limit access to those reserves that we have in yuan,” he said.
“I believe that our partnership with China will still allow us to maintain the cooperation that we have achieved and not only maintain it, but also increase it in the conditions in which Western markets are closed,” stressed the head of the Ministry of Finance.
The head of Finance assured that Russia is not going to reject its debt obligations and will pay in rubles as long as Western countries continue to keep gold and foreign exchange reserves frozen, and stressed that the country has enough resources to guarantee the production of the necessary goods.
Source: Gestion
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