According to Russian Ministry of Finance, if the US decides to seize Russia’s foreign exchange reserves, it would be considered a “declaration of a financial war.”
“If our gold and currency reserves can be arrested, even if such a thought exists, it would be financial terrorism,” said Russian Finance Minister Anton Siluanov.
According to Siluanov, the budget takes into account the risk of income shortfalls. The budget is based on oil prices at $40 per barrel, which is almost a third lower than the current price. It also accounts for losses incurred by a possible ban on investment in Russian government bonds for foreign funds, which the US Treasury currently considers.
“If we did not have a margin of safety, then it would be easy to weaken us. And then, our so-called friends would say – if you want to get help from the International Monetary Fund, you must do this and that,” said Siluanov.
If sanctions include the freezing of foreign accounts of the central bank, it would be equal to declaring financial war on Russia, Siluanov said. He added that he considers this unlikely to happen.
As of September, Russia had $103.9 billion invested in US debt.