Russia says it is unable to access $300B reserves due to sanctions

Russia is unable to access its $300 billion worth of financial reserves due to Western sanctions over the ongoing Moscow's war on Ukraine, the Russian finance minister said on Sunday.

"Russia has a total of around $640 billion of reserves. Currently, we cannot use $300 billion of the reserves," Anton Siluanov said in an interview with Rossiya-1 TV.

"Some of the reserves are in China, and the West is now pressing China to limit our access to these reserves," Siluanov said.

He expressed hope that Russia's cooperation with China will increase "exponentially."

Since Russia launched its war on Ukraine on Feb. 24, more than 2.5 million people have fled to other countries, with some 2 million more displaced within the country.

At least 579 civilians have also been killed and 1,002 injured in Ukraine, according to UN estimates.

While the EU, US, and others have imposed sanctions on Moscow, many companies and global brands have also suspended operations in Russia.