Over $300 billion of Russian assets freezes due to west sanctions against Moscow

March 14, 2022

MOSCOW (TSAT) - Russian authorities on Sunday said that over $300 billion of its foreign assets have been frozen because of western countries sanctions against Moscow after its attack on Ukraine, local media reported.

"This is about half of these reserves that we had. We have a total amount of reserves of about $640 bln. Currently we cannot use about $300 billion of these reserves," TASS news agency quoted Anton Siluanov, the Russian Finance Minister told Rossiya 1 TV channel.

The Minister said some part of his country’s foreign reserves are in Chinese currency and now the US and its allies pressurising Beijing to freeze it.

"Of course, there is pressure to limit access to those reserves that we have in yuan. I think that our partnership with China will allow us to maintain the cooperation that we have achieved, and not only to maintain but also to multiply it in conditions when Western markets are closed," he said.

Moscow clarified that they will pay the debt of Western countries and all those who were declared by Russia as unfriendly in rubles, Russian own currency, not in dollars.

"But - I repeat once again - the debts that we have to pay to the countries that are unfriendly to the Russian Federation and have made such restrictions on the use of foreign exchange reserves, it is to these countries that we will pay debts in ruble equivalent," the agency quoted him as saying.

Over $300 billion of Russian assets freezes due to west sanctions against Moscow

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