5 Countries With The Largest Foreign Reserves in 2023

In this article we are going to list the 5 countries with the largest foreign reserves in 2023. For a detailed coverage of this topic and a more comprehensive list please take a look at the 20 countries with the largest foreign reserves in 2023.

5. Russia

Total forex reserves as at October 2023 (in millions): $575,500

Russia has amassed its massive foreign reserves by selling oil and gas to western countries, and is among the countries with the highest oil exports in the world. While Russia has faced heavy sanctions from the West after invading Ukraine, there is little risk currently of Western countries freezing its reserves. Russia demanded that gas payments be made in Russian rubles, particularly for “unfriendly” countries. This was done to increase the supply of rubles and prop up the currency after its value fell off a cliff immediately after the invasion.