Russia’s policy of de-dollarization is showing no signs of slowing down, with new figures from the US Treasury revealing that Moscow dropped its holding of US government securities by over a billion dollars from February to March. In February last year, the Bank of Russia held $5.756 billion, which dropped to just $3.976 billion a month later. Yet only a decade ago, the amount of US government bonds on Moscow’s balance sheet exceeded $170 billion. The sell-off began in 2014, following the imposition of harsh anti-Russian sanctions by Washington, but Moscow started to become really serious about de-dollarization in 2018, when it more th
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