Stop valve at the compressor stationMOSCOW, Mar 31 Payments for gas supplies to countries that imposed sanctions on Russia, in rubles they may require the creation of ruble reserves, Ilya Ilyin, head of the banking and financial market analysis department at Promsvyazbank (PSB), told RIA Novosti. , will create a certain stock of ruble reserves,» Ilyin said. In addition, according to him, due to sanctions, it became necessary to reduce Russia's reserves in foreign currencies, since in the face of the risk of freezing payments, it makes no sense to accumulate reserves in the currencies of unfriendly countries. Thus, ruble reserves will also appear in Russia itself. He explained that ruble reserves are the balance of funds on the single account of the Federal Treasury, they are managed by the Ministry of Finance. «With stable exports and budget revenues, an excess of rubles will be formed, which will be directed to state support or temporarily placed in banks,» the analyst said. He also added that, theoretically, this stock of rubles could be used to buy OFZs from the market. Russian President Vladimir Putin announced on March 23 that Russia was converting payments for gas supplies to unfriendly countries into rubles. The President instructed the Central Bank and the Cabinet of Ministers to determine the procedure for transactions with Europe in rubles within a week. Finance Minister Anton Siluanov estimated that Western countries, as part of sanctions over Ukraine, froze about half, or about $ 300 billion, of Russia's gold and foreign exchange reserves. Putin noted that the “collective West”, by freezing Russian assets, actually drew a line under the reliability of their currencies, crossed out their trust. Putin has explanations on the Russian gas payment scheme
