Russia CUTS dollar COMPLETELY from sovereign wealth fund - boosts Euro & Yuan
Russia’s Finance Ministry confirmed it had eliminated ALL reserves of US dollars from the country’s sovereign wealth fund, switching focus to Euros and Chinese Yuan (up to 39.7% & 30.4% respectively).
The ministry indicated that the yuan and the euro are seen as an alternative to the dollar “as the currencies of Russia’s leading foreign economic partners”, despite the Russian Central Bank (RCB) having reduced Euro assets in May.
This comes two months after the RCB reduced its holdings of USD after new sanctions were imposed, moves which Deputy FM Alexander Pankin claimed “call into question the reliability and convenience of using the American currency as the priority currency of deals.”
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