The dollar will continue to function after it is excluded from the structure of the National Wealth Fund (NWF), said the head of the Accounts Chamber Alexei Kudrin in an interview with the Russia-1 TV channel on the sidelines of the St. Petersburg International Economic Forum (SPIEF).
“It [решение] does not cancel payments in dollars, which are carried out anyway between all countries. [Доллар] not outlawed. Everyone will also work, they will also exchange in all exchangers, “TASS quotes him.
Kudrin noted that the state is diversifying its reserves into other assets, but this does not prevent Russians from keeping their personal savings in dollars. One of the reasons for this decision of the Ministry of Finance could be US sanctions, or “fears that settlements with the state may be difficult in dollars,” he added.
Earlier, the Ministry of Finance of Russia announced that from May 20 of this year, the dollar was excluded from the structure of the National Wealth Fund (NWF). Its share has been reduced from 35 to 0%. It will be replaced by the Chinese yuan and the euro “as the currencies of countries that are Russia’s leading foreign economic partners”, as well as gold as an asset that protects the NWF’s investments from inflationary risks. The Ministry of Finance substantiated this decision with the intention to ensure the safety of the NWF funds “in the context of macroeconomic and geopolitical trends of recent years”, as well as decisions aimed at “de-dollarization” of the Russian economy.
The President explained that the United States uses its national currency for various sanctions, for example, Russia cannot, because of this, make payments in dollars with partners in the field of military-technical cooperation.
“We do not deliberately leave, but we have to do it. But when we do this, a certain system of our financial relations with partners takes shape. Already outside the dollar zone, “Putin added.
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