Russia’s financial reserves are “large enough” and distributed in such a way as to withstand any geopolitical scenario, the head of the Bank of Russia, Elvira Nabiulina said in an interview with CNBC.
“Russia’s financial reserves are extremely diversified. US sanctions pose a constant risk for Russia. That is why our monetary, tax, and macroeconomic policies are quite conservative,” Nabiulina emphasized.
The volume of international reserves of Russia (IRR) amounted to $600.9 billion by May 21. The target level of the Central Bank is $500 billion. The IRR is financial assets held by the government and the Bank of Russia.
The IRRs consist of foreign currency assets, monetary gold, special drawing rights, a reserve position in the IMF, and other assets.
