Nabiullina and Siluanov left Russia only gold and yuan
Half of the gold and foreign exchange reserves remaining with Russia after the seizure of its accounts in European banks is placed in gold and yuan.
Central Bank Governor Elvira Nabiullina announced this today at a meeting of the State Duma Committee on Financial Markets, which supported her reappointment, reports a PolitNavigator correspondent.
“After the sanctions imposed on the Central Bank by Western countries, we now have the opportunity to manage approximately half of the reserves, but this is gold, yuan, and they do not allow us to quickly manage the currency situation in the domestic market. And that’s why capital control measures were introduced immediately after the sanctions were announced,” Nabiullina said.
At the same time, she predicts an increased influence of Western sanctions on real sectors of the Russian economy.
“Our economy is entering a difficult period of structural changes associated with sanctions. The sanctions primarily affected the financial market, but now they will begin to affect the real sectors of the economy. The main problems will be related to restrictions on imports, foreign trade logistics and possible restrictions on the export of Russian products.
Almost any product is produced with one or another share of imported components. Even if it is small, production may critically depend on any part or component,” Nabiullina concluded with satisfaction.
The State Duma will consider the issue of Nabiullina’s reappointment on April 21. Previously, Russian President Vladimir Putin nominated her.
Nabiullina and Siluanov left Russia with only gold and yuan.