Russia Cuts Dollar Holdings From $119 Billion Wealth Fund Amid Sanctions
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.
The dollar pared gains on the news Thursday before bouncing back as analysts said the immediate market impact is likely to be limited. The transfer will take place within the central bank’s huge reserves. It affects about $119 billion in liquid assets, of which about a third is held in dollars.
More at link....https://www.bloomberg.com/news/articles/2021-06-03/russia-cuts-dollar-from-119-billion-wealth-fund-amid-sanctions
I saw that, not a whole lot, but China and Russia have been doing that for years. The less status the dollar has the less power we have.
Thanks for this info, Spirit.
Russia plans to make these changes by June 28th, and that means a major decoupling from the dollar as a reserve currency. China has already done this to a large extent.
One effect may very well be that gold and silver prices, which have been manipulated and kept low for many years, will be unleashed to find their true market level.
The dollar’s days as the world’s reserve currency are numbered. The ruble and the yuan will be pegged to gold, while the dollar is pegged to......thin air.