Deputy Finance Minister Vladimir Kolychev said that the share of the euro in the assets of the National Wealth Fund will drop to zero in the current 2023.
“If the question is, will the euro (in the structure of the National Welfare Fund) be reset to zero? Yes, it will definitely be reset to zero this year,” Deputy Finance Minister of the Russian Federation told reporters on Thursday.
The official added that the sovereign fund includes other foreign-currency assets, indicating that the Russian ministry will gradually change the structure of the fund to match the new targets (about 60% of the funds could be in Chinese yuan, about 40% in gold).
Moscow created the fund more than 10 years ago and accumulated a portion of oil revenues during the oil price boom to serve as a cushion for the country during crises and low prices for crude oil, a traditional Russian export.
The important point is that the money accumulated in the National Wealth Fund is different from Russia’s international reserves, which include foreign exchange, gold and the right to withdraw.
Source: TASS