MOSCOW (Reuters). Despite possible western sanctions on Russian banks, market volatility will spike but Russia’s abundant reserves will allow it to withstand the restrictions. Anton Siluanov, Russia’s Finance Minister said Wednesday.

Officials from the U.S.A. and Europe are in final stages of a comprehensive package of sanctions if Russia invades Ukraine. Moscow repeatedly rejected these plans.

These sanctions may be applied to major Russian banks, but they don’t include a ban on Russia joining the SWIFT financial network. This is according to U.S.- and European officials.

Siluanov stated that sanctions on Russian banks would not be pleasant, but that the state would make certain all deposits and transactions with banks are protected, even if they involve foreign currency.

Siluanov stated to reporters that they have a financial protection in the form forex and gold reserves as well as a budget surplus.

Siluanov stated that Russia can switch to another financial system in the event of being cut off by SWIFT.

Siluanov indicated that Russia’s $635 billion worth of forex and gold reserves, as well as possible restrictions regarding the purchase of Russian debt, were not “unpleasant” but would not be fatal.

Russian officials stated that Russia did not intend to change its 2022 borrowing plans. The minister also said they were considering testing the foreign demand for Russian Eurobonds after things have calmed down.