Russia has completely excluded the dollar, the yen and fragments of the NWF structure.
Savings can now only be kept in yuan and gold
Dollar and dollar assets are completely excluded from the sovereign National Wealth Fund of Russia, the balances on accounts in pounds sterling and Japanese yen are now zeroed out, Vedomosti writes with reference to the Russian Ministry of Finance.
The new regulatory structure of Russia’s National Wealth Fund (NWF) may have an impact on the currency’s growth status.
Russia has completely abandoned dollar investments in its reserves. The Ministry of Finance adopted the rules for collecting money in the National Welfare Fund (NWF). According to the new legislation, Russia keeps its savings in yuan and gold.
The Ministry of Finance is defined with a new structure of the National Welfare Fund (NWF). Within a limited limit of up to 60%, it is allowed to invest in yuan, up to 40% in gold. Savings can only be stored in the currency of a friendly country (this is the yuan) and in gold.
An excess profit (profit, guaranteed budgeted profit) was found in the oil and gas register, in which Russia bought mainly dollars and euros. In 2023, the Chinese yuan is planned to be bought by the NWF.
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