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Putin Sees No Reason to Cut Euro’s Share in Russian Reserves

Russia won’t reduce the euro’s share in its reserves from about 40 percent, President Vladimir Putin said after talks with Italian Prime Minister Mario Monti.

“We aren’t changing anything -- we believe in the fundamental abilities of the European economy,” Putin told reporters today at the Black Sea resort of Sochi.

The euro slipped below its lifetime average against the U.S. dollar and to the lowest level in more than 11 years against the yen today on concern the debt crisis is deepening in the European Union, Russia’s biggest trading partner. With $505.3 billion in reserves, the world’s fourth largest, Russia has sought to diversify its holdings by boosting gold purchases and adding the Canadian and Australian dollars to the stockpile.

Russia cut the euro’s share in its international reserves to 42.1 percent as of Jan. 1, 2012, down from 43.1 percent a year earlier, according to the central bank.

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