The stockpile shrank to $604.4 billion as of March 25, the lowest level since last August, according to a statement Thursday. The central bank has provided no updates since its weekly report on Feb. 18, when international reserves peaked at a record $643.2 billion, and previously said it won’t release new figures for three months.
The war prompted sweeping sanctions and handcuffed the central bank after the seizure of an estimated two-thirds of its reserves. Although Governor Elvira Nabiullina has acknowledged that the curbs imposed on the Bank of Russia meant it couldn’t intervene in the market, she’s said it sold foreign currency to support the ruble on Feb. 24, when the invasion began, and the following day.
The first measures measures to prevent the central bank from deploying its assets were announced on Feb. 27.
Explaining the decline in reserves since Feb. 18, the central bank’s statement cited interventions, foreign-exchange refinancing operations and a currency revaluation of assets.