"The reserves are more than sufficient," Sergei Ignatyev said, adding that the figure included $209.6 billion of national funds.
The banker also said industrial production fell by 10.3% year-on-year in December 2008.
The Russian industrial sector showed the first signs of a recession in October last year, when indices dropped by 0.6%. The sector is expected to continue its slump this year.
Andrei Klepach, a deputy economics minister, said on Thursday production would decline a further 5.7% in the country in 2009 for the first time since the 1998 default, according to a new forecast.