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Russia’s international reserves up 2.59% in January to $597 bln, says Central Bank

Russia’s international reserves are highly liquid foreign assets available with the Bank of Russia and the Russian government

MOSCOW, February 7. /TASS/. Russia’s international reserves amounted to $597.035 bln as of February 1, 2023, which is 2.59% (or $15.046 bln) higher than as of the beginning of January, according to files released by the Central Bank on Tuesday.

As of February 1, 2022, Russia’s international reserves totaled $630.207 bln.

Russia’s international reserves are highly liquid foreign assets available with the Bank of Russia and the Russian government. They comprise foreign currency, Special Drawing Rights (SDRs), a reserve position in the International Monetary Fund and monetary gold.

Following the start of Moscow’s special military operation in Ukraine Western countries slapped sanctions against the Bank of Russia. Apart from freezing Russia’s gold and foreign currency reserves, all transactions related to management of the regulator’s reserves and assets, as well as transactions with any legal entity, organization or body acting on behalf or at the direction of the Central Bank, were prohibited.

Central Bank Governor Elvira Nabiullina said earlier that around $300 bln worth of gold and foreign currency reserves of the Russian Federation were frozen as a result of sanctions.

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