Russia’s gold and foreign currency reserves fell to $604.4 billion as of March 25, their lowest since August 2021, from $643.2 billion seen before the start of what Russia calls “a special military operation” in Ukraine, central bank data showed on Thursday.

“The main factors behind the reserves’ decline were foreign currency interventions, foreign currency refinancing as well as a reassessment of foreign currency assets,” the central bank said.

Around $300 billion of Russia’s reserves have been frozen as a result of the latest Western sanctions.