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Russia says sanctions have frozen nearly half its financial reserves
By Mark Trevelyan
Sunday, March 13, 2022
LONDON -- Russia said today it was counting on China to help it withstand the blow to its economy from Western sanctions, which it said had frozen nearly half of its gold and foreign currency reserves.
“We have part of our gold and foreign exchange reserves in the Chinese currency, in yuan. And we see what pressure is being exerted by Western countries on China in order to limit mutual trade with China. Of course, there is pressure to limit access to those reserves," Finance Minister Anton Siluanov said.
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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 closing."
Western countries have imposed unprecedented sanctions on Russia's corporate and financial system since it invaded Ukraine on Feb. 24 in what it calls a special military operation. ...
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