russia: The Ministry of Finance decided to completely abandon dollars in the National Welfare Fund
The government decided to stop investing funds from the National Wealth Fund in dollar-denominated assets. This was announced by Finance Minister Anton Siluanov.
We, like the Central Bank, have made a decision to reduce the NWF’s investments in dollar assets. If today, in terms of structure, we have about 35% of the NWF’s investments in dollars, 35% – in euros, then we decided to get out of dollar assets completely, replacing investments in dollars with an increase in euros, an increase in gold. Dollars [will be] 0%, euros – 40%, yuan – 30%, gold – 20%, pounds and yen – 5% each.
Siluanov said that the replacement of the dollar by other assets will take place within a month.
Deputy Prime Minister Andrei Belousov clarified that the abandonment of the NWF’s dollar assets is “a sensible decision related to the threat of sanctions from the United States.”
At the moment, the NWF’s dollar assets are $ 39.8 billion.
Central Bank Chairman Elvira Nabiullina explained the policy of de-dollarization of Russia by the fact that US sanctions are a “constant risk” for the Russian economy.