(Reuters) – Russia intends to spend nearly 2.5 trillion roubles ($32.3 million) in support of its economy which has been hit by western sanctions unprecedented, Anton Siluanov from the Finance Ministry said Tuesday.

Russia now faces high inflation and capital flight, while facing possible default on its debt after harsh sanctions were imposed by the West to punish President Vladimir Putin’s sending of tens or thousands of troops into Ukraine in February.

“In total the financial support for this plan exceeds 2.5 trillion Rupees. Siluanov explained that this includes the budget allocations and National Wealth Fund as well as the tax incentives we adopted.

Russia can channel approximately 6 trillion Russian rubles to finance budget spending and debt repayments this year after suspending the budget rule which allowed extra revenue from oil and natural gas exports to go into the state coffers.

However, this figure may be much lower if Russia is unable to export oil and gas overseas due to potential sanctions.

Russia’s foreign sanctions have frozen around $300 billion of Russia’s $640 million gold and forex reserve when it started its “special military operations” in Ukraine.

($1 = 77.3000 roubles)