Assessing the Adequacy of Accumulation of International Reserves of Russia against the Backdrop of Sanctions

International reserves act as a guarantor of the stability of the economy, solvency and security of critically important industries and financial and economic processes of the state in times of crisis. Reserve assets consist of monetary gold and foreign exchange reserves, which, in turn, are divided into foreign currency, an account in the SDR and a foreign exchange position in the IMF. Each element of international reserves performs a specific role and is necessary for solving different tasks. The purpose of this article is to assess the sufficiency of Russia's international reserves based on the calculation of criteria widely used in world practice. The article examines the theoretical foundations of the formation of international reserves in the Russian Federation, in particular, the functions they perform to regulate the macroeconomic situation in the state and the possibility of their replenishment, analyzes the current structure and dynamics of changes in international reserves, pays special attention to the modernization of the role of gold as the most preferred asset in times of crisis and reducing the share of the US dollar. The issue of expropriation of part of Russia's international reserves by Western countries within the framework of sanctions and the development of this situation is also touched upon. A quantitative assessment has been carried out based on systematized criteria for assessing the adequacy of international reserves formulated by economists around the world. It is shown that the volume of the international reserves of the Russian Federation satisfies each of the six sufficiency criteria used in world practice throughout the period under review (2013-2024), taking into account and excluding the "frozen" part of reserves.

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