The article discloses an internal logic of formation, placement and use of the Russian international reserves and development of measures to ensure safety in connection with the emphasized risks of introduction of economic sanctions on behalf of the USA and the Western European countries with respect to the Russian Federation, which can include freezing of the country's international reserves. In this regard, the paper considers the concept of "international reserves", their components (foreign exchange and monetary gold), and also process of formation and use of these reserves in interrelation with the balance of payments. The authors provide the comparative characteristic of two models of national economy from a position of the need of the international reserves formation (with international reserves and without international reserves). The article discloses an internal logic of formation and use of the Russian international reserves for the period of 1997-2014. It points out that the global oil market environment considerably impacts these processes and that in order to ensure macroeconomic stability, the Bank of Russia should regulate purchase and sale of foreign currency. Respectively, all these developments lead to growth or reduction of its external assets (foreign exchange reserves). The paper provides data of profitability and geographical distribution of currency reserves and monetary gold as a part of the Russian international reserves within the period of 2004-2014. The authors emphasize that the possible risks of freezing of the currency components of the international reserves of the Russian Federation require realization of a comprehensive set of measures aimed at ensuring their safety. The measures include the following: reduction of their size at the expense of transformation of internal credits of economy through specially built system, and taking into account ensuring balance in the currency and monetary market; increase of investments in monetary gold; change of the direction of currency reserves placement (the possibility of their placement in the Asian countries).
Keywords: international reserves, gold and foreign exchange reserves, currency reserves, monetary gold, internal assets, external assets, current account balance, Bank of Russia
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