Russia has reportedly announced that U.S. dollar assets will be removed from its National Wealth Fund as U.S. sanctions on Moscow intensify. The fund, which currently totals about $600.9 billion, forms part of Russia’s gold and currency reserves.
Russia Steps up De-Dollarization Efforts
Russia’s finance minister, Anton Siluanov, announced at the St. Petersburg International Economic Forum on Thursday that dollar assets will be removed from the National Wealth Fund (NWF) altogether as Washington continues to impose sanctions on Moscow.
According to a translation by Reuters, he told reporters:
Like the central bank, we have decided to reduce investments of the NWF in dollar assets.
The finance minister further revealed that the changes will happen within the next month, after which the fund will likely hold the euro (40%), the yuan (30%), gold (20%), the Japanese yen (5%), and the British pound (5%). The dollar portion of the fund will be replaced by the euro, the yuan, and the pound.