Russia’s international reserves are back to over $600bn

[beijingwalker]

Russia’s international reserves are back to over $600bn​

Russia's gross international reserves are back over $600bn for the first time since the war in Ukraine started. / bne IntelliNews

By Ben Aris in Berlin April 13, 2023

Russia’s international reserves increased by 1.2%, or $6.9bn, in one week to top $600bn for the first time since the war in Ukraine started, the Central Bank said in a statement on April 13. (chart)
"International reserves amounted to $600.8bn as of April 7, up by $6.9bn, or by 1.2%, in one week as a result of positive revaluation," the Central Bank of Russia (CBR) said.

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

Previously the CBR held a basket of currencies but in the last year it sold off all its dollars and is in the process of selling off the Japanese yen, pounds sterling and euros that were also part of the basket. By the end of this year the regulator says the reserves will be entirely made up of Chinese yuan (60%) and gold (40%).

Russia’s reserves fell from an all-time high of $631bn in December 2021 and were down to $605bn as of March last year at the start of the war.

Following the imposition of extreme sanctions by the West, the reserves fell further to a low of $540bn in September 2022, but since then have started to recover after Russia successfully switched its oil export trade from Europe to Asia, with India and China taking up almost all the slack, earning the country a record-high current account surplus of $227bn in 2022.

Oil and gas revenues crashed again in December and January as fresh oil sanctions on crude came into effect on December 5 and on refined products on February 5.

However, the Ministry of Finance is confident that oil and gas revenues will recover in the second half of this year and the budget deficit will remain at about 2% of GDP, but analysts are less certain, expecting a deficit of some 4%.

In related news, not only are Russia's reserves rising, but its debt is falling.

The Russian foreign debt stood at $357.9bn as of April 1, 2023, the Central Bank said in the same report. The debt dropped by 5.9% or by $22.6bn, compared to the figure at the year start, Tass reports.

"The dynamics was largely driven by the contraction of foreign debt of other sectors as regards attracted credits, including within the framework of direct investing relations, the Central Bank noted.

The Russian foreign debt totalled $380.5bn as of January 1 of this year, the Bank of Russia said on March 29. The debt figure contracted by $101.8bn over 2022.

Russia’s international reserves are back to over $600bn

Russia’s international reserves increased by 1.2%, or $6.9bn, in one week to top $600bn for the first time since the war in Ukraine started, the ...

intellinews.com

 

[mmr]

Russia’s international reserves are back to over $600bn​

Russia's gross international reserves are back over $600bn for the first time since the war in Ukraine started. / bne IntelliNews

By Ben Aris in Berlin April 13, 2023

Russia’s international reserves increased by 1.2%, or $6.9bn, in one week to top $600bn for the first time since the war in Ukraine started, the Central Bank said in a statement on April 13. (chart)
"International reserves amounted to $600.8bn as of April 7, up by $6.9bn, or by 1.2%, in one week as a result of positive revaluation," the Central Bank of Russia (CBR) said.

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

Previously the CBR held a basket of currencies but in the last year it sold off all its dollars and is in the process of selling off the Japanese yen, pounds sterling and euros that were also part of the basket. By the end of this year the regulator says the reserves will be entirely made up of Chinese yuan (60%) and gold (40%).

Russia’s reserves fell from an all-time high of $631bn in December 2021 and were down to $605bn as of March last year at the start of the war.

Following the imposition of extreme sanctions by the West, the reserves fell further to a low of $540bn in September 2022, but since then have started to recover after Russia successfully switched its oil export trade from Europe to Asia, with India and China taking up almost all the slack, earning the country a record-high current account surplus of $227bn in 2022.

Oil and gas revenues crashed again in December and January as fresh oil sanctions on crude came into effect on December 5 and on refined products on February 5.

However, the Ministry of Finance is confident that oil and gas revenues will recover in the second half of this year and the budget deficit will remain at about 2% of GDP, but analysts are less certain, expecting a deficit of some 4%.

In related news, not only are Russia's reserves rising, but its debt is falling.

The Russian foreign debt stood at $357.9bn as of April 1, 2023, the Central Bank said in the same report. The debt dropped by 5.9% or by $22.6bn, compared to the figure at the year start, Tass reports.

"The dynamics was largely driven by the contraction of foreign debt of other sectors as regards attracted credits, including within the framework of direct investing relations, the Central Bank noted.

The Russian foreign debt totalled $380.5bn as of January 1 of this year, the Bank of Russia said on March 29. The debt figure contracted by $101.8bn over 2022.

Russia’s international reserves are back to over $600bn

Russia’s international reserves increased by 1.2%, or $6.9bn, in one week to top $600bn for the first time since the war in Ukraine started, the ...

intellinews.com

Without U.S. approval they can’t use usd

It’s basically useless even they have trillions usd

 

[Mohsin A]

Without U.S. approval they can’t use usd

It’s basically useless even they have trillions usd

You either have reading difficulties or like I said before are a brown sahib licking uncle Sams a$$ OR most possibly both.

"Previously the CBR held a basket of currencies but in the last year it sold off all its dollars and is in the process of selling off the Japanese yen, pounds sterling and euros that were also part of the basket. By the end of this year the regulator says the reserves will be entirely made up of Chinese yuan (60%) and gold (40%)."

The Dollar is dying a quick death as the reserve currency for the world. Welcome to the new world where your colonial masters will no longer have ultimate control.

 

[beijingwalker]

Without U.S. approval they can’t use usd

What...? if I wan to spend my dollars I have to get US approval first？besides, are all Russian foreign reserves in US dollars?

 

[Bengal71]

Without U.S. approval they can’t use usd

It’s basically useless even they have trillions usd

Previously the CBR held a basket of currencies but in the last year it sold off all its dollars and is in the process of selling off the Japanese yen, pounds sterling and euros that were also part of the basket.

The article clearly says they sold off all of their dollars.

And no, they don't need US approval to use their dollar if they have the dollar in their hands.

 

[TopGun786]

Without U.S. approval they can’t use usd

It’s basically useless even they have trillions usd

That is the most ridiculous statement I have ever read on pdf.

 

[mmr]

That is the most ridiculous statement I have ever read on pdf.

well its there currency lolz

deal with it. Every USD go through US SWIFT

russia can always use there own toilet paper currency

The article clearly says they sold off all of their dollars.

And no, they don't need US approval to use their dollar if they have the dollar in their hands.

ya its all frozen. no way they can touch seize dollar. and its not with them. Its was mostly with EU and usa Central banks when they freeze the fund.

You either have reading difficulties or like I said before are a brown sahib licking uncle Sams a$$ OR most possibly both.

"Previously the CBR held a basket of currencies but in the last year it sold off all its dollars and is in the process of selling off the Japanese yen, pounds sterling and euros that were also part of the basket. By the end of this year the regulator says the reserves will be entirely made up of Chinese yuan (60%) and gold (40%)."

The Dollar is dying a quick death as the reserve currency for the world. Welcome to the new world where your colonial masters will no longer have ultimate control.

ya is this is why your pm begging for USD since its dying down right...


keep whining.

 

[beijingwalker]

well its there currency lolz

deal with it. Every USD go through US SWIFT

russia can always use there own toilet paper currency

Such a brainless , good for nothing troll.

 

[AA_]

The Russians have massive stock of commodity that they can sell to whom ever in whatever currency or barter system.
Very few countries have the political and economical clout that the Russians have. All they need is a growing birth rate of ethnic Russians and a severe dose of nationalism to understand they need to stop being such pus*ies. It’s been a pattern with them when dealing with the U.S. and the West, this fear to escalate which the Americans know very well and take full advantage of. From stopping at Berlin to the issue of NATO expansion into Ukraine (thinking the US will play fair), the Russians think the Americans are like them because they’re both “white.” Bunch of Slavic morons. The most smartest dumbest people around.

No wonder that Zbigniew Brzezinski thought the Muslims Will be a pushover since the West was so used to dealing with docile Russians (and to an extend with the Chinese).

 

[dbc]

Such a brainless , good for nothing troll.

It's a number on a computer screen, the Russians can't fully access their "reserves".
They have 127 B$ in Gold plus 80 B$ in China that is all they can partially access until sanctions are removed. The rest of their reserves are held in US, EU and Japan and is frozen.

Russia ‘preparing legal action’ to unfreeze $600bn foreign currency reserves

Elvira Nabiullina lawsuits aim to release gold and foreign currency frozen amid sanctions over Ukraine invasion

www.theguardian.com

 

[TopGun786]

well its there currency lolz

deal with it. Every USD go through US SWIFT

russia can always use there own toilet paper currency


ya its all frozen. no way they can touch seize dollar. and its not with them. Its was mostly with EU and usa Central banks when they freeze the fund.


ya is this is why your pm begging for USD since its dying down right...


keep whining.

Kid
You need more research.

 

[beijingwalker]

It's a number on a computer screen, the Russians can't fully access their "reserves".
They have 127 B$ in Gold plus 80 B$ in China that is all they can partially access until sanctions are removed. The rest of their reserves are held in US, EU and Japan and is frozen.

Russia ‘preparing legal action’ to unfreeze $600bn foreign currency reserves

Elvira Nabiullina lawsuits aim to release gold and foreign currency frozen amid sanctions over Ukraine invasion

www.theguardian.com

How do you know that Russia's foreign reserves not in Russia's own hands?

 

[beijingwalker]

Russia to remove euro, only keeps yuan and gold in National Wealth Fund

Russia to remove euro, only keeps yuan and gold in National Wealth Fund - Global Times

www.globaltimes.cn

 

[dbc]

How do you know that Russia's foreign reserves not in Russia's own hands?

The Russian Central Bank.published a report on Jan 2022 showing the distribution by country.

https://cbr.ru/Collection/Collection/File/39685/2022-01_res_en.pdf

 

[beijingwalker]

The Russian Central Bank.published a report on Jan 2022 showing the distribution by country.

https://cbr.ru/Collection/Collection/File/39685/2022-01_res_en.pdf

From one whole year ago, and even some foreign reserves can be frozen by the west, but it's not all of them, Russia must also has tons of foreign reserves in its own hands, that's why I said that guy is brainless, she sound like every US dollar needs to be approved by US if you want to spend it, do you think it's absurd?