Russia’s International Reserves Hit New Peak

(MENAFN) Russia’s foreign currency reserves soared to an unprecedented USD687.7 billion by the end of June, the nation’s central bank announced on Thursday.

More than USD300 billion of this sum remains frozen in Western countries due to the ongoing Ukraine conflict—a measure Moscow has labeled as "illegal."

Data provided by the Bank of Russia indicated that reserves grew by USD500 million, or 0.1 percent, during the week ending June 20, driven by a “positive market revaluation.”

Over the last month, these reserves have expanded by USD9 billion. The previous record of USD687.3 billion was set earlier in May.

The central bank releases weekly figures on the reserves with a one-week lag. Russia’s international assets comprise foreign currencies, International Monetary Fund (IMF) special drawing rights, and monetary gold.

Approximately half of Russia’s global reserves—more than USD300 billion—were frozen by Western nations in early 2022, following the escalation of the conflict in Ukraine.

The Bank of Russia has not revealed the precise details of the frozen assets.

About two-thirds of these blocked funds are held by the Brussels-based clearing organization Euroclear and have accrued billions of euros in interest.

Some Western countries have advocated for the outright seizure of these assets, but legal and political challenges, such as sovereign immunity concerns, have impeded such efforts.

Nevertheless, EU leaders have approved using the income generated from the frozen reserves to aid Ukraine.

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