Russia's global reserves hit a new high of $695 billion.
In a recent development, China has taken the lead in the global race to increase foreign reserves, adding a significant $263.3 billion to their reserves in 2024. This growth places China at the top of the global rankings, surpassing previous leaders.
Meanwhile, Russia's international reserves saw a decrease of $1.6 billion from July 11 to July 18, 2025. The Central Bank of Russia reported this decline as a 0.2% drop, bringing reserves from $685.3 billion to $683.7 billion. This decrease was primarily due to negative revaluation of assets rather than large-scale sales or significant withdrawals.
The broader economic pressures on Russia during this period are worth noting. The country has been increasing foreign currency sales from the National Wealth Fund to address a growing budget deficit amid falling oil and gas revenues, which reached their lowest levels since January 2023. However, these factors were not specifically cited as direct causes for the weekly reserves contraction noted in mid-July.
It's important to mention that a significant portion of Russia’s total international reserves remains frozen by Western countries due to sanctions imposed in relation to the ongoing Ukraine conflict. This complicates liquidity and asset management but does not directly explain the week-to-week decrease.
In contrast, Switzerland came in second place with an increase of $131.9 billion in their reserves. India ranked third, with an addition of $118.1 billion to their reserves. In 2024, Russia ranked seventh globally in the increase of gold and foreign exchange reserves.
Interestingly, the record for Russia's international reserves was reached on July 4, 2023, at $690 billion. This record has not been surpassed as of the information given in the current paragraph. On the first reporting date, January 6, 2023, Russia's international reserves amounted to $582 billion, and have since increased, as shown by the new data from 2024. On July 11, 2023, Russia's international reserves were slightly higher at $685 billion.
It's worth noting that the frozen assets worth approximately $300 billion, mentioned earlier, were not included in the increase in Russia's reserves. Despite this, the Bank of Russia includes these funds in the calculations of Russia's international reserves.
These fluctuations in international reserves highlight the complex interplay of economic factors and geopolitical tensions in the global financial landscape. As the world continues to navigate these challenges, the reserve positions of major economies will likely remain a topic of significant interest.
- The decrease in Russia's reserves represents a setback in their business sector, given the significant drop in foreign reserves.
- Amidst China's lead in foreign reserve expansion, finance experts now scrutinize Russia's decreasing reserves, particularly with Switzerland and India bolstering their own reserves.
