The Central Bank responded to criticism due to the freezing of part of the gold and foreign exchange reserves

Keeping or spending reserves domestically is “like having no reserves,” the Central Bank said in response to questions related to Western sanctions.All gold from the reserves is stored in RUSSIA

it was impossible to avoid freezing part of the Central Bank's gold and foreign exchange reserves in dollars and euros, the Bank of Russia said.

“There is no such way. Non-cash currency is always reflected in correspondent accounts in foreign banks and therefore can be frozen,” the regulator explained.

However, after the freezing of the Central Bank’s reserves in dollars and euros , Russia applied, in fact, a mirror measure, imposing a restriction on the movement of capital, a ban on the sale of securities by foreign investors and on the withdrawal of funds from their financial system, continued in it. In addition, payments on corporate debt of Russian companies and public debt to holders from unfriendly countries will only take place with the permission of the government commission.

“That is, in response to the freezing of part of Russian reserves, Russia also introduced restrictions on the movement of funds that could be transferred to unfriendly countries for a comparable amount,” the Central Bank noted.

The US warned that sanctions apply to transactions with gold Central Bank Politics