Russia’s central bank has build up USD 630 bn in reserves.

A part of sanctions against Russia, is a freezing the assets of Russia’s central bank, to restrict use of its massive foreign currency reserves.

After the ruble, slumped by 30% against the US dollar, Russia has more than doubled its key interest rate from 8.5% to 20% in an attempt to stem the decline.

On 28th February 2022 the ruble was trading at a record low 108 per dollar, down from about 84 per dollar on 25th February 2022. The ruble recovered ground after Russia’s central bank sharply raised its key interest rate to 95 per dollar.

The war in Ukraine has caused turbulence in global financial markets. Russia’s main equity market remained closed on 28th February to stop the investors from dumping their shares.

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