Russia is removing US dollars from its reserves

Russia is increasingly freeing itself from the US dollar. Now Moscow wants to completely remove the dollar from its National Prosperity Fund.

Russia will stop using the dollar in its National Prosperity Fund reserves within a month, the Russian Finance Minister Anton Siluanov announced this week.

It will replace about $40 billion from this body with gold and other currencies to minimize the risk of US sanctions. 

Today, the US currency accounts for 35% of the fund, so Moscow is making up for the void it leaves with more euros and yuan to 40% and 20%, respectively, in this state-owned investment fund.

This is just another of many steps in the currency war between the Russian Federation and the People’s Republic of China against the US dollar.