Russia on the verge of new economic milestones, says Bloomberg

US media reports say that Russia will achieve new economic successes and that, starting this month, Moscow will be able to replenish its foreign exchange reserves.

“Since energy revenues are currently close to exceeding the target level, it is possible to start buying (foreign currency) as early as May,” Bloomberg said in a statement.

The agency said foreign exchange could reach the equivalent of about $200 million in yuan per month in the first phase, noting that the Chinese yuan is the main currency that Russia can still use to settle its $154 billion wealth fund.

According to the report, this shift confirms Russia’s ability to maintain the flow of petrodollars, despite the sanctions and the price ceiling imposed by Western countries on oil and oil products.

At the end of March, the Bank of Russia, for the first time after the imposition of sanctions, resumed the publication of data on the structure of gold and foreign exchange reserves. Russian reserves amounted to $574.247 billion against $617.133 billion a year earlier. The volume of assets in foreign currency decreased by 8.7% to $410.65 billion.

Western countries, led by the United States of America, have initiated economic sanctions against Russia since the start of a special military operation in Ukraine in February last year, and the US Treasury announced a freeze of $330 billion in Russian foreign exchange assets, including $300 billion of Central Bank assets. .

Source: agencies

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