Russian Central Bank Governor Elvira Nabiullina said that Russia is building its international reserves with assets that cannot be targeted by Western sanctions.
Elvira Nabiullina said that Russia has a "safety cushion" in non-sanctioned assets.
"At the same time, imagine if the problems of the global financial system that exist, and we can now observe them, would catch up with us faster than geopolitical shocks. If in this case we did not have foreign exchange reserves, in the currencies in which our economy operates, then trade would continue in dollars, euros, companies would take debts in dollars and euros, and then we would not be able to dampen the shock to our economy," she emphasized.
"We are currently forming reserves based on what assets cannot be used for sanctions pressure, but we also take into account how our foreign trade is changing," Nabiullina stressed.
Western countries froze around $300 billion of Russia's international reserves last spring. Nabiullina said that the Russian Central Bank continues to work to return our reserves in euros and dollars.
