Eastern Europe

Russia De-Dollarizes National Wealth Fund

Russian Prime Minister Mikhail Mishustin and Sooronbay Jeenbekov, along with Finance Minister Anton Siluanov
Image by government.ru

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Russia is dumping dollar-denominated assets from its sovereign wealth fund, in favor of precious metals, euros and yuan, amid further sanction threats from the Biden administration, who is determined to keep America’s eyes focused on the ‘Russia threat’ and not on the wholesale betrayal OBiden is pursuing with the Chinese Communist Party.

“We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. Today’s structure has around 35% of the NWF’s funds invested in dollars. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold,” Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum on Thursday, adding that the shift to a new structure of the NWF is expected within a month, reported Russian state news agency TASS.

“[Investments] in dollars will equal 0%; in euro they’ll come to 40%; in yuan they’ll amount to 30%; in gold – 20%; and in pounds and yuan – 5% each. We have substituted dollars with an increase of 5% in euro, gold and yuan,” the finance chief explained.

Tsarizm reported last week Russia was moving to purchase gold in the National Wealth Fund.

“The Central Bank is the operator (regarding gold purchases – TASS). It operates its gold and currency reserves and defines the structure of its assets for the National Wealth Fund and the share of the National Wealth Fund in those assets itself,” he said.

The move will affect the liquid part of the NWF, which currently stands at around $120 billion. Despite the vast sums involved, the shift is unlikely to affect markets, since the NWF represents just a slice of Russia’s overall $600 billion worth of international reserves. The transaction will not involve the actual sale of dollars, as it will be carried out through internal transfers and an accounting shift within the Central Bank, reported The Moscow Times.

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