By Victor Duda
According to him, "shadow reserves" consist of large exporting companies, and the amount cannot be frozen because it is not in the Central Bank's accounts. In his report, the analyst notes that only in 2023 the Russian Federation "earned" $ 118. 3 billion, but the currency in such volumes did not fall into Russian accounts.
The increased assets are shown in dark green and are part of "other investments", that is, are not direct foreign investments, portfolio investments, central bank reserves or derivatives. Strong growth is observed in two subcategories "Loans, Currency and Deposits" and "Other Receivables". The value of these assets has increased from $ 190 billion to $ 370 billion from the start of a full -scale invasion.
He notes that today Moscow also owns $ 100 billion in Chinese yuan, which is delayed in case of falling oil prices and reducing export revenues, provided that currency is restricted. However, there is a question of their liquidity and the ability to bring to Russia. "The key issue of Russia's sustainability to oil prices is how liquid the shadow reserves are and how much Moscow controls them.
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