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Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions

  • Holdings shifted to euros, yuan and gold, Siluanov says
  • Asset transfer to take place within central bank reserves
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Russia Plans to Cut Dollar Wealth Fund Holdings to Zero
Updated on

Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with U.S. leader Joe Biden.

The National Wellbeing Fund will shift its dollar holdings into euros, yuan and gold, Finance Minister Anton Siluanov said.