(Bloomberg) -- Russia has already lost access to almost half of its reserves and sees more risks to President Vladimir Putin’s war chest due to increased pressure from the West on China, said Finance Minister Anton Siluanov.
“The total volume of our reserves is about $640 billion, and about 300 billion are in such condition that we can’t use them now,” he told state television in an interview on Sunday.
“We see what pressure Western countries put on China” to limit access to reserves in yuan, he said. “But I think our partnership ties with China will let us not just preserve it but expand it.”
The asset freeze on Russia’s central bank was imposed as part of a series of economic penalties to punish Moscow for the invasion of Ukraine, now into its third week. Russia’s own data published in January shows that $100 billion of the reserves were held in U.S. dollars as of June, which was 16.4% of total cash pile at that time. Holdings in euros were 32.2% and those in yuan at 13.1% at the end of June 2021.
“The total volume of our reserves is about $640 billion, and about 300 billion are in such condition that we can’t use them now,” he told state television in an interview on Sunday.
“We see what pressure Western countries put on China” to limit access to reserves in yuan, he said. “But I think our partnership ties with China will let us not just preserve it but expand it.”
The asset freeze on Russia’s central bank was imposed as part of a series of economic penalties to punish Moscow for the invasion of Ukraine, now into its third week. Russia’s own data published in January shows that $100 billion of the reserves were held in U.S. dollars as of June, which was 16.4% of total cash pile at that time. Holdings in euros were 32.2% and those in yuan at 13.1% at the end of June 2021.
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