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CBR's Nabiullina Says Russian Reserves/Policy Able to Withstand Sanctions Pressure

RUSSIA
  • CBR Gov Nabiullina said this morning that US sanctions were a "permanent risk for Russia" but its reserves are large enough to withstand all the risks, with de-dollarisation being part of the broader FX risk management strategy
  • USD-denominated debt has fallen over the years to around 50%, while foreign holdings of OFZs is low (<20%) - providing cushioning against sanctions measures
  • Noted over all the years of US sanctions that Russian monetary/fiscal policy has remained "rather conservative"
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com

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