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Russia cuts dollar holdings from wealth fund amid sanctions
By Evgenia Pismennaya
Bloomberg News
Thursday, June 3, 2021
Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.
The National Wellbeing Fund will shift its dollar holdings into euros, yuan, and gold, Finance Minister Anton Siluanov said.
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The dollar pared gains on the news today before bouncing back as analysts said the immediate market impact is likely to be limited.
The transfer will take place within the central bank's huge reserves. It affects about $119 billion in liquid assets, of which about a third is held in dollars. ...
The central bank isn't planning to resume gold purchases as a result of the wealth-fund shift, a person familiar with the situation said, speaking on condition of anonymity to discuss matters that aren't public.
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