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Russia says nearly half its reserves are frozen, counts on ties with China

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LONDON: Russia said on Sunday (Mar 13) that it was counting on China to help it withstand the blow to its economy from Western sanctions, which it said had frozen nearly half of its gold and foreign currency reserves. “We have part of our gold and foreign exchange reserves in the Chinese currency, in yua

LONDON: Russia said on Sunday that it was counting on China to help it withstand the blow to its economy from Western sanctions, which it said had frozen nearly half of its gold and foreign currency reserves.

Western countries have imposed unprecedented sanctions on Russia's corporate and financial system since it invaded Ukraine on Feb 24 in what it calls a special military operation. Russian President Vladimir Putin and Chinese President Xi Jinping met in Beijing on Feb 4 and announced a strategic partnership they said was aimed at countering the influence of the United States, describing it as a friendship with no limits.

 

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