Russia Ukraine conflict

Sanctions have frozen around $300 bln out of $640 bln of Russian reserves: Minister

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Foreign sanctions have frozen around $300 billion out of $640 billion that Russia had in its gold and forex reserves, Finance Minister Anton Siluanov said in an interview with state TV aired on Sunday.

Siluanov said the West was putting pressure on China to limit its trade with Russia and in order to hamper Moscow’s access to the part of state reserves that Russia holds in the Chinese yuan.

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“But I think that our partnership with China will still allow us to maintain the cooperation that we have achieved, and not only maintain, but also increase it in an environment where Western markets are closed,” he said.

Siluanov also said Russia will fulfil its state debt obligations and will pay rubles to its debt holders until the state reserves are unfrozen, RIA state news agency reported.

Read more: UK’s Sunak urges firms to leave Russia

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