Russia’s international reserves stood at $695.5 billion as of July 25, according to data from the Central Bank of Russia, setting a new historical record.
A week earlier, on July 18, the reserves amounted to $683.7 billion, slightly down from $685 billion on July 11. The previous peak was recorded on July 4 at $690 billion.
Reserves Increased by Over $100 Billion Since Early 2023
Based on Central Bank statistics dating back to early 2023, Russia’s reserves have grown by more than $100 billion in just two and a half years — even after Western sanctions froze an estimated $300 billion of Russian assets abroad.
As of the first reporting date, January 6, 2023, the reserves were listed at $582 billion. Despite being frozen, these assets remain included in the Central Bank’s calculations.
What Russia’s Reserves Consist Of
Russia’s international reserves comprise highly liquid foreign assets controlled by the Central Bank and the government. These include monetary gold, special drawing rights (SDRs), the country’s IMF reserve position, and other foreign currency holdings.
Frozen Assets and EU Plans
The bulk of the frozen Russian assets is held within the European Union, particularly in the Belgian depository Euroclear. Brussels has decided to use profits earned from these assets to support Ukraine — including repayment of an €18 billion macro-financial assistance loan.
In April, the EU reported receiving €2.1 billion in "windfall income" from the frozen Russian assets.
"If the West steals Russia’s gold and foreign exchange reserves, the regionalization of payment systems will become irreversible — and this will benefit the global economy," — President Vladimir Putin.
No Unified Position in the EU on Confiscation
The EU has yet to reach a consensus on confiscating the frozen Russian assets. French President Emmanuel Macron has stated that the EU currently lacks a legal basis for such a move. German Chancellor Friedrich Merz added that “if a legally sound mechanism is found to use those funds, we will do it.”
