The de-dollarization process is ongoing and takes place not only in Russia, but also in other countries of the world. So the press secretary of the President of Russia Dmitry Peskov commented on the statement of the Minister of Finance Anton Siluanov at the SPIEF-2021 that Russia will soon abandon the American dollar in the structure of the National Wealth Fund.
“The process of de-dollarization is constant, it is now visible to the naked eye, and this process of de-dollarization is taking place not only in our country, but also in many countries around the world that have begun to experience concerns about the reliability of the main reserve currency,” he said.
Peskov also noted that the government, not the Kremlin, should explain the reason for the abandonment of the dollar in the structure of the NWF.
Siluanov said earlier today that the transition to the new structure of the NWF could take place within a month. Now in the structure of the NWF the share of the dollar and the euro is 35% each, the yuan – 15%, pounds sterling – 10%, the yen – 5%. After the transition to the euro, there will be about 40% of the NWF, 30% in yuan, 20% in gold, and 5% in pounds and yen.
The last time the structure of the NWF was changed at the end of February. Then the Ministry of Finance announced that 15% of its funds will henceforth be placed in Chinese yuan, and 5% in Japanese yen to the detriment of the dollar and euro. Their share has decreased from 45% to 35% for each currency, while the share of pounds sterling will remain at 10%. The department explained this step by the focus on “increasing profitability and diversifying the investment risks of placing funds of the NWF.”
The need to de-dollarize the Russian economy has been repeatedly stated by many Russian civil servants. In particular, in April, Russian Foreign Minister Sergei Lavrov said that Moscow considers it important to step up efforts “to reduce sanctions risks and potential costs for economic operators.” “We are talking, in particular, about the steps aimed at the gradual de-dollarization of national economies, the transition to mutual settlements in national or alternative to the dollar currencies, refusal to use international payment systems controlled by the West. We are already actively engaged in this in Russia, ”Lavrov said.