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Russia has been deprived of about $300 billion of its foreign currency holdings, Russian Finance Minister Anton Siluanov said.
According to a statement from the minister, half of the country's gold and foreign exchange reserves have been frozen due to the latest sanctions imposed on Russia after Moscow launched its special military operation in Ukraine.
On Sunday, the diplomat stated that out of the total amount of Russia's reserves, which amounts to a figure of $640 billion, about $300 billion had been seized.
In this regard, Siluanov also warned about the pressure the West and its supporters are exerting on China to restrict Sino-Russian trade relations to prevent Moscow from accessing national reserves in Chinese yuan.
However, he disclosed that the country's relationship with China is strong enough to maintain and enhance the current cooperation between the two nations in an environment where Western markets are closed.
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, adding Russia will pay rubles to its debt holders. pic.twitter.com/PvTjY2WKe7
Referring to Russia's debt duties, the minister expressed that Moscow will service its foreign debt in rubles if the foreign exchange accounts of the central bank and the government stay blocked.
The freezing of assets on the Central Bank of Russia was imposed as part of the several sanctions applied to Moscow by the U.S. in conjunction with its European partisans following the Russian military operation, which began last February 24.