Russian foreign reserves edge higher despite Western sanctions

Russia's international reserves increased by $6.5 billion over the week to reach $721.7 billion as of July 3, the Bank of Russia confirmed, TASS reports.

"International reserves amounted to $721.7 billion as of the end of the day on July 3, 2026, increasing by $6.5 billion, or 0.9%, over the week, mainly due to a positive revaluation," the central bank said.

A week earlier, on June 26, Russia's international reserves stood at $715.2 billion.

The country's international reserves comprise highly liquid foreign assets held by the Bank of Russia and the Russian government, including foreign currency holdings, Special Drawing Rights (SDRs), the reserve position in the International Monetary Fund (IMF), and monetary gold.

Following the outbreak of the war in Ukraine, Western countries imposed sweeping sanctions on the Bank of Russia, including freezing a substantial share of the country's foreign exchange reserves. The restrictions also prohibit transactions related to the management of the central bank's reserves and assets, as well as dealings with any legal entity or organization acting on behalf of or at the direction of the Bank of Russia.

By Vafa Guliyeva