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Russia dispenses with the dollar for fear of US sanctions


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Russia announced a change in the strategy of the National Welfare Fund, by dispensing with the dollar for fear of US sanctions.
The Russia Today news agency quoted Russian Finance Minister Anton Siluanov as confirming, during his participation in the Petersburg International Economic Forum, that the reserves of the National Welfare Fund would be changed within a month, as it would dispense with The dollar, that is, bringing the reserves of the US currency to zero,” adding that the dollar reserves will be replaced by other currencies, in addition to that, gold reserves will be added to the fund, which is a safety cushion for Russia, noting that the reserves of the British pound will be raised to a share of 5%, and a share The euro will rise to 40%, the yuan will increase its share to 30%, and the gold will be 20%
Moscow had established the fund more than 10 years ago and accumulated part of the oil revenues in it during the boom in its prices, to be a safety cushion for the country during crises and the low prices of crude oil, which is a traditional commodity in Russian exports.

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Putin: Russia does not seek to dispense with the dollar, but it is forced in some cases

Putin: Russia does not seek to dispense with the dollar, but it is forced in some cases
Russian President Vladimir Putin

Mubasher: Russian President Vladimir Putin said that his country does not seek to dispense with the dollar, but it is obliged to do so in some cases because Washington uses its national currency to impose sanctions.

"We are not trying to get rid of the dollar, this is not the case," Putin said - during an interview with heads of international news agencies within the Petersburg International Economic Forum and reported by Russia Today news channel - today, Saturday.

Putin hinted that the United States uses its national currency in various sanctions, and in many areas, and in light of this, Russia is forced to move to other currencies in trade settlements with countries of the world.

He pointed out that oil companies do not want to give up the dollar in trade settlements, but if they are forced, they will find a way to dispense with the dollar in their accounts, adding: "This will be a very serious blow to the dollar as a reserve currency for the world."

Alexander Novak, Russia's deputy prime minister and energy minister, said recently that his country may soon be tempted to move away from US dollar-denominated crude contracts if President Joe Biden's administration continues to impose targeted economic sanctions.

The Russian president stressed that his country was and will continue to exist, like the United States, stressing the need for Washington to accept this fact.

Putin stated: "We are not the one who brought Russian-American relations to the state they are today. This did not happen by our actions. We did not initiate a single step that harms Russian-American relations. These steps have become numerous."

He added, "Have we imposed sanctions on the United States? It was the United States that imposed sanctions on us and continues to impose them on every occasion, even without any justification whatsoever, for no other reason than that we are present. But this is a fact that we must accept."

He continued: "Russia was and will continue to exist and will remain so, just as there is and will remain the United States, which plays an important role in the world, and we hope that this role will enhance stability."

Putin expressed his hope that he will meet with US leader Joe Biden on June 16 in Geneva in a constructive atmosphere.

The Russian Finance Ministry had announced a few days ago that it would change the structure of the National Welfare Fund within a month, as it would dispense with the dollar and replace the US currency with gold and other currencies.

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