Russia: Western sanctions prevent us from using $300 billion

Russia has said it does not have access to financial reserves worth $300 billion, due to Western sanctions.

"This is about half of the reserves that we have," Russian Finance Minister Anton Siluanov told Russia's state television station Rossiya-1.

He said, "Our total reserves are about 640 billion dollars. We cannot currently use about 300 billion dollars of these reserves."

The minister explained that due to the freezing of funds by the United States, the European Union and other countries, Russia is experiencing problems in fulfilling certain obligations and repaying some debts.

Siluanov said some gold and foreign exchange reserves are denominated in Chinese yuan, and the West is putting pressure on Beijing to restrict trade with Moscow.

However, the minister expressed his confidence in the continuation of relations with China, while reiterating that the debts of "hostile countries" such as the United States and the European Union, will only be repaid in rubles.

Russia's coffers remain relatively full despite the war and the resulting sanctions, thanks to billions in sales of oil, gas and coal.

The minister pledged that the Russian state would support the banks affected by Western sanctions.

He also confirmed the existence of sufficient funds to maintain the production of essential goods.

"The central bank will provide the necessary liquidity to the financial system," Siluanov said, adding that food prices will be given special attention.

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