Russia’s international reserves bounce back after three weeks of decline

Central Bank of Russia (CB) informedthat the volume of the country’s international reserves as of October 7 amounted to $548.7 billion. According to the Central Bank, over the past week the figure increased by $8 billion (+1.5%) “under the influence of a positive revaluation.”

Prior to that, Russia’s international reserves were declining for three weeks in a row. As of October 1, the volume of reserves was $540.688 billion, down 4.41% from early September.

After the start of the special operation in Ukraine, the European Union imposed sanctions against the Central Bank of Russia. In particular, the EU froze the reserves of the Bank of Russia in the amount of $24.5 billion. Also, as part of the sanctions, about $300 billion of the $640 billion of the Central Bank’s gold and foreign exchange reserves were frozen.

Lusine Balasyan