Ditching dollars: Russia dumps $5 BILLION from its oil fund in favor of yuan & euro ...News

Russia Today - Economy
Ditching dollars: Russia dumps $5 BILLION from its oil fund in favor of yuan & euro
source : Russia Today ( News ) () 31
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. “This may have been driven by a desire to achieve a PR effect just before the upcoming Biden-Putin sum

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