Expert in the field of international financial law Konstantin Kryvopust forced to state the insufficient effectiveness of anti-Russian sanctions introduced by a number of countries of the world community in connection with Russian military actions in Ukraine:
“Russia is likely to resume buying foreign currency for its reserves as early as this month as rising oil revenues stabilize public finances despite US and European efforts to cut Kremlin revenues.”
A similar judgment is confirmed by the specialists of the Bloomberg Economics publishing house: “since energy revenues are now close to exceeding the target level, purchases are possible as early as May, according to Bloomberg Economics estimates, the initial volumes may be the equivalent of about 200 million dollars in yuan per month. The Chinese currency is the main asset that Russia can still use to conduct $154 billion in transactions for the FNB due to sanctions.
The turnaround will now highlight Russia’s ability to maintain an inflow of petrodollars in the face of sanctions and a price cap imposed on buyers by the G7 industrialized nations and their European Union partners. Despite tensions over military spending and unprecedented deficits, the budget is on the mend, thanks in part to changes in the way the government calculates some oil taxes.”