Rouble defence curtails Russian reserves by $15.7 bn in 7 days

Russia's international reserves plunged the most in six years, losing $15.7 billion last week, as the government and central bank pledged measures to support banks and defend the currency.

The value of the stockpile fell to $398.9 billion in the seven days through December 19, the biggest drop since January 2009 and 22 per cent lower than this year's peak, according to central bank data on Thursday. That compares with a $1.6-billion decline the previous week.

Policy makers, led by central bank Governor Elvira Nabiullina, are fighting to stem the rouble's worst slump since the 1998 default. As Russia slides toward a recession under the weight of collapsing oil prices and sanctions over the Ukraine conflict, the authorities have raised rates and taken steps to ease dollar demand. Russia sold about $4.8 billion in interventions and provided $9.8 billion under foreign currency repurchase agreements during the week ending December 19, according to central bank data.