(One week ago):

Russia's national wealth fund will no longer own dollars, according to the country's finance ministry, as Moscow moves closer to weaning its economy off the greenback despite the prospect of US sanctions.

The National Wealth Fund, which keeps a portion of the country's oil profits, will reduce its dollar holdings to zero from 35 percent, according to the finance ministry. According to the finance ministry, the $186 billion strong fund would thereafter keep the majority of its assets in yuan & euros, as well as gold.

Since the implementation of Western sanctions after Moscow's annexation of Crimea in 2014, Russia has been steadily lowering its dollar assets in order to largely disconnect from the Western financial system.

Reuters Graphic

“This process of dedollarisation is taking place not only in our country but in many countries around the world that have started to have concerns about the reliability of the world’s reserve currency.” A statement from Kremlin spokesman Dmitry Peskov.