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. 

(C)MEDUZA 2021

4 comments

  • onlyfactsplease

    That’s pure propaganda. Even if they will follow through with this, they will soon go back to the dollar … but they won’t announce this to the world.

    Liked by 4 people

    • Meanwhile they’ll be dumping as many rubles as they can even though they think the world should be using rubles instead of dollars. That’s how wacked out Moskovia is. The demise of the dollar has been front page news on Russia Today for ten years or more.

      Liked by 3 people

      • onlyfactsplease

        Another fact is that the wealthy always prefer the dollar over just about anything else, including their own money. What am I saying? EVERYONE in mafia land prefers the dollar.

        Liked by 3 people

  • As funny as this seems, with Biden bleeding the budget to death through massive spending and taxes, the Dollar could well suffer from this.

    Like

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