March 21, 2023
Elvira Nabiullina

Chairman of the Central Bank of the Russian Federation Elvira Nabiullina

┬ęCentral Bank of the Russian Federation / cbr.ru

The head of the Russian Central Bank, Elvira Nabiullina, said that she could not help foreign regulators in their search for Russian reserves. She made such a statement on Friday, March 17, reports RIA News.

During a press conference, a Bloomberg correspondent noted that regulators abroad cannot find $300 billion in reserves of the Bank of Russia, which fell under sanctions. According to regulators, only much lower numbers were found, the journalist added. She clarified whether it could be that the Russian Federation does not have such a number of arrested reserves, or “the Central Bank somehow hid everything.”

“As for the reserves, I can’t help here,” Nabiullina replied.

Earlier, the head of the Central Bank said that the regulator does not stop working on the preparation of claims on the frozen reserves of the Russian Federation. Nabiullina emphasized that this is not a one-day job and requires consideration of all aspects.

After the start of the special operation in Ukraine, Western countries imposed a series of tough sanctions against Russia, including freezing about half of the country’s foreign exchange reserves. Their total amount is about $300 billion. However, according to media reports, The European Union has reliable information about the freezing of only $ 36.4 billion, where the rest of the funds are unknown. In this regard, EU lawyers proposed requiring banks to provide detailed information about the assets of the Russian Central Bank.

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