Russia's Foreign Reserves Reach New Peak
(MENAFN) Russia’s international assets surged to an unprecedented level of $695.5 billion by the end of July, as stated by the country’s central banking authority on Thursday.
Over $300 billion of this total remains blocked by Western governments due to the ongoing Ukraine conflict – an action that Moscow has denounced as “unlawful.”
This amount represents the highest ever recorded, exceeding the former record of $690 billion registered on July 4.
Russia’s international holdings include various foreign currencies, gold reserves, IMF special drawing rights, and other forms of highly liquid assets.
These resources are administered by the central financial institution and the state and can be utilized to stabilize the national currency, meet foreign debt commitments, or handle economic emergencies.
Since the escalation of hostilities between Russia and Ukraine in 2022, the Bank of Russia has not released a comprehensive breakdown of the assets managed by Western financial bodies, yet continues to factor them into its official statistics.
The nation’s overall reserves have expanded by more than $100 billion since the beginning of 2023.
Approximately two-thirds of the Russian assets frozen by Western powers are maintained by Euroclear, a Brussels-based clearing entity.
In April, the EU announced it had earned €2.1 billion (about $2.3 billion) from those funds.
Although legal and diplomatic challenges have delayed direct seizure of the assets, EU authorities have approved channeling the interest proceeds to assist “Kiev.”
In the previous year, Euroclear redirected €1.5 billion in accrued interest toward a $50 billion G7 loan package for Ukraine.
The European Commission has since distributed €7 billion from its €18.1 billion allocation, to be reimbursed through gains generated from the immobilized funds.
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