Russian forex reserves surging despite Western sanctions

Moscow: In the wake of the Russia-Ukraine conflict, Western countries have imposed sanctions on Russia. Western countries claimed that these sanctions would cripple Russia’s economy and stop the Russian regime from attacking Ukraine. But in reality, information is coming out that the weapon of sanctions of the West has become useless. At the beginning of the new year, Russia’s foreign reserves have again reached close to $600 billion, according to the Central Bank of Russia.

Moreover, Russia’s foreign reserves surged by 0.5 per cent in the last week of January. After that, Russia’s total foreign reserves reached $597.7 billion. This includes investments in gold and foreign exchange held in the country and abroad. Currently, the largest share of Russia’s reserves is the Euro currency, followed by gold, which accounts for more than 20 per cent.

Last year, at the end of February, after the conflict against Ukraine, Western countries decided to freeze Russia’s foreign reserves. Therefore, over 40% of Russia’s water reserves have been frozen. After that, claims were made by western officials and agencies that the Russian economy would collapse due to a big hit to Russia’s reserves. But in reality, it has come to light that Russia has received many foreign reserves from the fuel sector. The information provided by the Central Bank of Russia seems to confirm it.

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