Saturday, May 31, 2025

Latest

Russia Dumps $5 Billion From Oil Fund, Embraces Euro, Yuan Instead

Russia has dumped a significant portion of the greenback from its oil fund last month, in favour of other currencies amid tightening Western sanctions.

According to the Finance Ministry, Russia’s National Welfare Fund, which holds savings derived from Russia’s oil revenues, sold $5 billion in an effort to cut back its exposure to the US currency. The fund converted $1 billion into euros, and $4 billion into yuan, with forthcoming plans to eliminate the remaining $35 billion greenback holdings in the foreseeable future.

The latest move to reduce exposure to the US dollar in its currency reserves is in response to tightening Western sanctions. During a recent St. Petersburg Economic Forum, Russian President Vladimir Putin expressed that although the country does not want to completely eliminate its use of the greenback, ongoing sanctions have forced it to lean towards alternative payment methods.

Over the past several years, Russia has been on a strengthening path towards de-dollarization, and becoming increasingly less reliant on the world’s largest reserve currency. Earlier this month, Russia’s National Wealth Fund announced it will completely dispose of $40 billion worth of dollar-denominated assets from its sovereign wealth fund, citing heightened tensions with Washington.


Information for this briefing was found via Bloomberg. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Sanctions, Part 10: EU To Impose €11-Billion Worth Trade, Tech Bans On Russia

The European Union will impose trade sanctions and technology export controls worth €11 billion on...

Thursday, February 16, 2023, 02:17:00 PM

U.S.-EU Agree to Remove Trump Imposed Tariffs on EU Steel and Aluminum Manufacturers

On October 30, the U.S. and European Union (EU) reached an agreement to remove tariffs...

Monday, November 1, 2021, 03:44:00 PM

Satellite Photos Suggest Russia Has Deployed Navy-Trained Dolphins To Protect Black Sea Naval Base

Yes, dolphins. These military-trained dolphins are likely tasked to prevent Ukrainian special operations forces from...

Thursday, April 28, 2022, 03:04:00 PM

‘Cold Turkey’: Turkish Banks Quit Russian Payment Platform Mir

A couple of Turkish bank have stopped using Russia’s Mir payment system in their respective...

Tuesday, September 20, 2022, 11:36:00 AM

US Warns Escalation If North Korea Continues “Down This Road” After Missile Launch

US Secretary of State Antony Blinken cautioned that if North Korea continues “down this road”...

Thursday, October 6, 2022, 03:12:00 PM