This article is from the source 'rtcom' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.rt.com/business/526222-russia-oil-fund-dollar-dump/
The article has changed 3 times. There is an RSS feed of changes available.
| Version 1 | Version 2 |
|---|---|
| Ditching dollars: Russia dumps $5 BILLION from its oil fund in favor of yuan & euro | Ditching dollars: Russia dumps $5 BILLION from its oil fund in favor of yuan & euro |
| (about 1 month later) | |
| Russia sold $5 billion of US currency from its oil fund in May as part of a drive to reduce exposure to the greenback in its currency reserves and make the country less vulnerable to Western sanctions, the Finance Ministry said. | Russia sold $5 billion of US currency from its oil fund in May as part of a drive to reduce exposure to the greenback in its currency reserves and make the country less vulnerable to Western sanctions, the Finance Ministry said. |
| According to its statement, Russia’s National Welfare Fund (which holds savings from Russia’s oil revenues) converted $4 billion into yuan and $1 billion into euros. The ministry said last week that it would eliminate all greenback exposure in the fund, which leaves $35 billion in dollar holdings still to cut. | According to its statement, Russia’s National Welfare Fund (which holds savings from Russia’s oil revenues) converted $4 billion into yuan and $1 billion into euros. The ministry said last week that it would eliminate all greenback exposure in the fund, which leaves $35 billion in dollar holdings still to cut. |
| “This may have been driven by a desire to achieve a PR effect just before the upcoming Biden-Putin summit,” Ivan Tchakarov, an economist at Citigroup in Moscow, told Bloomberg. “It may, however, also be a transitory step toward a real restructuring of the currency reserves down the road, which, if it happens, must be done on-market.” | “This may have been driven by a desire to achieve a PR effect just before the upcoming Biden-Putin summit,” Ivan Tchakarov, an economist at Citigroup in Moscow, told Bloomberg. “It may, however, also be a transitory step toward a real restructuring of the currency reserves down the road, which, if it happens, must be done on-market.” |
| Russian President Vladimir Putin said at the recent St. Petersburg Economic Forum that while Moscow doesn’t want to stop using the dollar completely, sanctions have forced the country to look for alternative payment methods. | Russian President Vladimir Putin said at the recent St. Petersburg Economic Forum that while Moscow doesn’t want to stop using the dollar completely, sanctions have forced the country to look for alternative payment methods. |
| De-dollarization has been Russia’s long-term policy for many years, with a focus on relying less on the world's most popular reserve currency. Last year, it was revealed that the first quarter of 2020 saw the share of the US dollar in trade between Beijing and Moscow fall below 50% for the first time. Just four years prior, this figure accounted for over 90% of their bilateral currency settlements. | De-dollarization has been Russia’s long-term policy for many years, with a focus on relying less on the world's most popular reserve currency. Last year, it was revealed that the first quarter of 2020 saw the share of the US dollar in trade between Beijing and Moscow fall below 50% for the first time. Just four years prior, this figure accounted for over 90% of their bilateral currency settlements. |
| For more stories on economy & finance visit RT's business section | For more stories on economy & finance visit RT's business section |