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      Nearly half of Russia's reserves frozen

      0 Comment(s)Print E-mail Xinhua, March 14, 2022
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      Russian ruble banknotes are seen with the U.S. dollars in the backdrop on March 2, 2021. [Photo/Xinhua]

      Near half of Russia's roughly 640 billion U.S. dollars of gold and foreign currency reserves has been frozen, Russian Finance Minister Anton Siluanov said Sunday.

      Siluanov said on a Russian TV program that Russia will pay roubles to its debt holders.

      He said that the current conflict in Ukraine has not been easy for Russian financial institutions. Still, the country's capital reserves have made it possible for banks under severe restrictions to function.

      The Russian authorities will closely monitor inflation and the state of the country's pensions, Siluanov noted.

      "Of course, we have enough money to ensure the production of vital goods. The Central Bank will provide the necessary liquidity to the financial system," he said.

      Russia has been greeted with an onslaught of Western economic sanctions, including asset freezes, since the start of the Russian special military operation in Ukraine last month.

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