Russia’s international reserves are back above $600bn after they increased by $4.1bn to $601.3bn as of July 12, 2024, according to the Central Bank of Russia (CBR).(chart) The CBR’s official reserves count includes some $300bn frozen in the West by sanctions, as technically the money still belongs to the CBR, even if it can’t spend it. Reserve assets decreased by $1bn in the second quarter of 2024 due to operations involving the National Wealth Fund. However, the overall level of international reserves rose by $3bn to $593bn as of July 1, 2024, due to revaluation and other changes. At the same…