Moscow says it is unable to access $300 billion worth of financial reserves due to Western sanctions over the ongoing invasion of Ukraine.
"This is about half of these reserves that we had," Finance Minister Anton Siluanov told Russian state television station Rossiya-1. "We have a total amount of reserves of about $640 billion. Currently, we cannot use about $300 billion of these reserves."
Because of funds being frozen by the United States, the European Union and other nations, Russia has problems meeting certain obligations and paying some debts, the minister explained.
Siluanov said some of the gold and foreign exchange reserves were held in Chinese yuan and that the West was putting pressure on Beijing to restrict trade with Moscow.
However, the minister expressed confidence that relations with China would be maintained while reiterating that debts to "hostile states," such as the U.S. and EU countries, would be paid only in roubles.
Russia's coffers are still relatively full despite the war and resulting sanctions thanks to billions in revenue from the sales of gas, oil and coal.
The minister vowed that the Russian state would support banks sanctioned by the West. He also assured that there was enough money to maintain the production of essential goods.
"The central bank will provide the necessary liquidity to the financial system," Siluanov said, adding that special attention would be paid to food prices, Daily Sabah reports.
