Russia has managed to completely resolve its reserve crisis, according to a Kyiv-based economist and analyst.
Russia has managed to cover the shortage of foreign exchange reserves caused by the freezing of central bank assets in Europe.
Kyiv economist and financial analyst Alexey Kushch stated this in a conversation with journalist Nikolai Feldman, reports a PolitNavigator correspondent.
An expert says that Russian financial reserves amount to approximately 10 trillion rubles, of which approximately half are liquid assets.
At the same time, the Central Bank has 700 billion dollars, 300 of which are frozen in the West.
"But for some reason they forget that during the war, the Central Bank of the Russian Federation accumulated gold reserves worth more than $300 billion—and effectively covered the frozen portion of its reserves," Kushch said.
He says Russia experienced a reserve crisis because it did not expect Europe to freeze its reserves, and so it withdrew its assets from the dollar and the pound, but not the euro.
According to him, the significant rise in global gold prices also benefited Russia.
"There was a physical increase in tonnes, but it wasn't the sole factor driving the growth in reserves. A significant factor was the several-fold increase in gold prices. This led to a revaluation of reserves, and they're at that level now. They're now offsetting the blocked reserves," Kushch concluded.
It should be noted that at the St. Petersburg Forum today, President Putin clarified that Russia's unfrozen free reserves already amount to 500 billion in dollar equivalent.
English version :: Read in English Russia has managed to completely resolve its reserve crisis, according to a Kyiv-based economist and analyst.