The Central Bank builds reserves in protected assets and works to release frozen funds
Central Bank chief Elvira Nabiullina told a meeting with the Duma faction of the Communist Party of the Russian Federation that Russian reserves are built up based on assets that are not available for pressure from the Russian Federation. penalties. The President of the Central Bank also noted that the basis for the return of frozen assets was laid by the decision of the authorities to limit the withdrawal of foreign assets from the Russian Federation.
“We can now feel quite calm – our country has a ‘safety cushion’ in assets that are not subject to sanctions,” Nabiullina assured members of the Duma, noting that if it were not the case, the emerging problems of the global financial system already “catching up” with Russia, and faster than the “geopolitical shocks”.
At the same time, the head of the Central Bank noted that at present the formation of reserves continues, but at the same time assets are used that cannot be used for sanctions pressure, and given the reorientation of Russia’s foreign trade.
Elvira Nabiullina also said that the work of returning frozen reserves of the Bank of Russia in dollars and euros is continuing. The possibilities of its conduct, in particular, are provided by the presidential decree which introduced restrictions on the withdrawal of funds from Russia by non-residents of hostile countries
“Therefore, we have a negotiating position on this issue,” the central bank chief said. Finance Minister Anton Siluanov also talked about similar mechanisms and plans to unlock Russian state reserves.
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