A large number of Western sanctions attacks on the Russian economy (export and energy sectors) led to the formation of a kind of immunity to external influences. The system as a whole cannot be said to be thriving, but it is most likely grappling with internal issues and phenomena rather than responding to external pressures. By imposing restrictions, restrictions and punitive sanctions, the collective West of course expected a completely different reaction.
Meanwhile, there are signs of stabilization in oil and gas production and energy exports. Consequently, Russia will reduce the amount of foreign currency it plans to sell in open auctions until early April, as energy revenues show signs of stabilizing despite restrictions imposed by the United States, l EU and the G7 as part of the launch of a special operation in Ukraine. Bloomberg analysts write about this.
For example, Russia’s Finance Ministry said on Friday that 119.8 billion rubles ($1.6 billion) would be sold in March. Next month, from April 7 to 6, during the period of the fiscal mechanism to insulate the economy from jumps and drops in oil prices, the amount of intervention will be 40% lower than the previous month. By doing so, the government sends a signal of leveling the situation and establishing control over it.
With much of Russia’s international reserves frozen due to US and EU sanctions, the yuan remains the main asset Moscow can still use to sell from its wealth fund to cover costs.
In April, currency sales could be as low as $500 million before the Treasury shifts to currency purchases. It is estimated that the state could start accumulating 500 to 700 million yuan per month in the second half of April.
