Page 74 - bne IntelliNews Russia OUTLOOK 2025

As of November 30, 2024, Russia's international reserves stood at approximately $616.5bn.
● Foreign Exchange Reserves: $418.3bn (including $300bn frozen funds)
● Gold Holdings: $198.1bn
Russia's reserves include foreign currency, foreign-denominated bonds, gold, Special Drawing Rights (SDRs) and the reserve position in the International Monetary Fund (IMF).
Putin has questioned the prudence of holding state reserves in foreign currencies, citing the ease with which they can be confiscated for political reasons. He advocates investing such reserves domestically in infrastructure, logistics, science and education, considering these avenues more reliable.
There has been a notable increase in gold purchases by central banks around the world as a result of the US decision to weaponise the dollar, including Russia's, as a strategy to hedge against potential sanctions. This trend underscores a shift towards assets perceived as more secure in the face of geopolitical tensions.
In the second half of 2024 the CBR began a drive to develop cryptocurrencies as a means to settle international trade deals and is developing a digital ruble to facilitate these payments.
Creating an electronic currency for international payments was a major theme at the BRICS summit in Kazan in September, where Russia introduced the BRICS Pay electronic currency it would like to use to replace the dollar as both a reserve currency and a means of payment for international trade.
74 Russia OUTLOOK 2025 www.intellinews.com