Russia's National Wealth Fund Withdrawing Completely from Dollar Assets

On the sidelines of the St. Petersburg International Economic Forum, Russian Finance Minister Anton Siluanov spoke to reporters, saying that the Ministry of Finance will restructure Russia’s National Wealth Fund (NWF), eliminating US dollar assets completely, and also further reduce the share of the British pound — all within one month. “We, just like the Central Bank, have decided to reduce the funds of the NWF invested in dollar assets. We have decided to fully withdraw from dollar assets, replacing investments in dollars by an increase in the euro, in gold.” The NWF’s new composition will be 40% in the euro, 30% in the yuan (a significant rise), 20% in gold, and 5% each in the pound and the yen.