Russia has reduced the dependence of the sovereign National Wealth Fund (NWF) on the dollar and the euro by changing the currency structure of the fund, according to a statement on the website of the Ministry of Finance.
“The normative currency structure of the NWF funds includes the Japanese yen with a five percent share and the Chinese yuan with a 15 percent share,” the statement says.
In turn, the share of assets denominated in dollars and euros in the NWF structure fell from 45 to 35 percent, in pounds sterling – remained the same at 10 percent.
As of early February, the liquidity part of the NWF was estimated at $ 116.4 billion. The fund is part of the gold and foreign exchange reserves managed by the Central Bank.
Economists and officials have repeatedly called for reducing the dependence of international settlements on the dollar, as well as reducing its share in international reserves due to fears of new sanctions that could freeze Russian assets in correspondent accounts with the US Federal Reserve System, as well as American government bonds on the balance sheet Central Bank.
On February 24, Deputy Foreign Minister Sergei Ryabkov made such an appeal. The diplomat called the American currency “a poisonous source of hostile actions”.