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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…