Nearly half of Russia's reserves frozen

Near half of Russia's roughly 640 billion U.S. dollars of gold and foreign currency reserves has been frozen, reported Xinhua, quoting Russian Finance Minister Anton Siluanov on Sunday.

Siluanov said on a Russian TV program that Russia will pay rubles to its debt holders.

He said that the current conflict in Ukraine has not been easy for Russian financial institutions. Still, the country's capital reserves have made it possible for banks under severe restrictions to function.

The Russian authorities will closely monitor inflation and the state of the country's pensions, Siluanov noted.

"Of course, we have enough money to ensure the production of vital goods. The Central Bank will provide the necessary liquidity to the financial system," he said.

Different countries including European Union imposed economic sanctions on Russia following Russia´s attack on Ukraine on 24 February.