Russia’s Reserves Are Collapsing
- Russian Central Bank’s Reserves hit the lowest level in over two years at US$565bn
- Since its peak ahead of Russia’s invasion of Ukraine 18 February 2022 Bank of Russia’s international currency reserves declined by 12% or US$78bn, despite a continuously strong trade surplus
- The decline splits into US$50bn negative revaluation and US$28bn outflows on our estimate
The question remains, where the money has gone in the light of central bank sanctions…