Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions
Bloomberg: Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions
(Bloomberg) -- Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.
The National Wellbeing Fund will shift its dollar holdings into euros, yuan and gold, Finance Minister Anton Siluanov said. The dollar pared gains on the news Thursday before bouncing back as analysts said the immediate market impact is likely to be limited. The transfer will take place within the central bank’s huge reserves. It affects about $119 billion in liquid assets, of which about a third is held in dollars.
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WNU Editor: In the past year both China and Russia have been buying gold like crazy, while dumping the U.S. dollar .... Bye Bye Benjamin! Russia & China speed up de-dollarization process: most trade no longer conducted in greenbacks (RT). This move by Russia's Wealth Fund only continues this trend.
