The country’s finance minister confirmed that nearly $300 billion of Russia’s forex holdings have been seized
© Getty Images / Art Wager
The latest sanctions imposed on Russia over its military offensive in Ukraine have frozen about half of the country’s gold and foreign exchange reserves, according to Finance Minister Anton Siluanov.
“We have a total amount of reserves of about $640 billion, about $300 billion of reserves are now in a state in which we cannot use them,” he said in an interview with state TV channel Rossiya 1 on Sunday.
The minister added that the Western allies were putting pressure on China to limit trade relations with Russia to obstruct the Kremlin’s access to national reserves held in Chinese yuan.