Rescue for the Russian economy: the Russian Federation has accumulated $ 80 billion per year of sanctions - Bloomberg
"Due to the delay of Europe, the Kremlin was able to accumulate one of the largest surpluses of the current account in its history. It is de facto offset the effect of freezing the assets of the Central Bank in March 2022, as Russia could return the lost,"-said the economist of the International Institute. Strategic research in the UK Maria Shagin. Analysts explain that Russia's accumulated profits can be an attractive target for the enemies of the aggressor country.
The government is reported that the shareholder of many largest exporters of the Russian Federation who contributed to this. Due to this year's accumulation from the international assets of the Russian Federation added about 5% of GDP. Approximately the same indicator was in 2009-2013, which are considered a period of high prices for oil and limited currency interventions of the central bank. "The accumulation of international assets was forced, not intentional.
Sanctions forced the Russians to reduce imports, while prices for raw materials pushed exports. Instead of motivating corporations to increase foreign assets, the Russian government has softened the rules to help increase import Stabilization of internal inflation, " - explained Russian economist Alexander Isakov. The fate of Russian funds abroad is paying more and more attention, as partners of Ukraine offer to use frozen assets for compensation to Ukrainians and resumption of cities.
However, the Russian economist Oleksandr Knobel said that the accumulated funds can be used abroad through the Extraordinary Meeting and Exporters of the Kremlin. "Such" shadow reserves "can formally turn in favor of the state in different ways," the knobel emphasized. However, the economist assured that because of the lesser EU dependence on Russian energy, money can be a target for Western sanctions.
Due to the reduction of prices for raw materials and a new restriction on oil exports, the surplus of the Russian Federation has decreased this year. However, analysts warn that if foreign governments are able to determine the property of Russian funds and connect them with the state, the total amount will be less than official estimates. "The accumulation of hidden reserves by Russia is quite possible.
The main question is how much these reserves are enough to finance the budget deficit in 2023," - said economist Sergey Gurev. We will remind, today the spokesman of the President of the Russian Federation Dmitry Peskov commented on the continuation of the "grain agreement". The official stated that not all terms of the agreement are fulfilled and Russia fulfills its obligations as a "goodwill gesture". Russia hopes for the removal of restrictions on the export of its agricultural products.