Page 95 - RusRPTApr23

5.2.4 Gross international reserves
Russia’s international reserves grew again in the week to March 24 by $8.8bn to just shy of the $600bn that the Central Bank of Russia (CBR) had as gross international reserves (GIR) at the start of the war in Ukraine just over a year ago.
The CBR reports that total reserves are now $594.6 billion as of March 24 and that positive revaluation was the primary reason for the 1.5% increase, up from $585.8 billion on March 17.
Russia's international reserves are made up of highly liquid foreign assets available to the Bank of Russia and the Russian government, including foreign currency, IMF Special Drawing Rights (SDRs), a reserve position in the International Monetary Fund, and monetary gold.
In the first week of the war one of the most painful sanctions imposed on Russia was the surprise CBR sanctions that saw some $300bn of CBR reserves held in European accounts frozen, but not seized by European government’s.
While there has been a lot of talk to using these funds to pay for the reconstruction of Ukraine, that is legally difficult as there is no basis in law to seize the assets of another government unless war against that government –
95 RUSSIA Country Report Russia April 2023 www.intellinews.com