Moscow: – The USD component in the Russian National Wealth Fund, created out of the foreign reserves, has been brought to zero. As per the information given in January 2021, the USD share in the National Wealth fund was to the extent of 35%. Russian President Vladimir Putin had initiated the process of de-dollarization in the last few years. But now, the USD has been expelled from the National Wealth Fund and has been replaced by Yuan, Euro and Gold. Bringing the USD component in the National Wealth Fund to zero is a crucial stage in the process.
Two months ago, Russian Prime Minister Mikhail Mishustin issued orders, allowing the National Wealth Fund to invest in Gold. After that, in June, Russian Finance Minister Anton Siluanov announced the complete elimination of USD from the National Wealth Fund. Finance Minister Anton Siluanov announced ‘The USD component in the National Wealth Fund will be brought to zero by the end of next month. Steps will be taken to expedite this process.’