Russia's reserves have plummeted $38B since invading Ukraine
Reasons for the decline include interventions, foreign exchange refinancing, and a currency revaluation of assets, according to the bank
Russia's central bank announced its foreign currency and gold reserves have plunged by $38.8 billion over the last month.
On 18 February, Russia's reserves were at $643.2 billion. As of 25 March, the stockpile is at $604.4 billion, the bank said in a Thursday statement. Last month, the bank had said it wouldn't be releasing its reserve numbers for three months.
Reasons for the decline include interventions, foreign exchange refinancing, and a currency revaluation of assets, according to the bank.
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Since Russia invaded Ukraine, nations around the world have imposed heavy economic sanctions on Russia's economy, corporation, and oligarchs. Western nations froze roughly two-thirds of Russia's reserves.
The Russian central bank has made a flurry of moves to stave off an economic collapse, including limited foreigners from moving money and raising interest rates. The country has teetered on the brink of default.
The ruble at one point was worth less than a penny, though it has since stabilized and climbed back to near pre-invasion levels.
