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Russia to convert around $40 bln from National Wealth Fund, says Accounts Chamber head

In this respect conversion into other currencies is a technical operation that does not reduce the quality of our assets and reserves, Alexei Kudrin noted

Head of the Russian Accounts Chamber Alexei Kudrin Mikhail Tereshchenko/TASS

Head of the Russian Accounts Chamber Alexei Kudrin

© Mikhail Tereshchenko/TASS

ST. PETERSBURG, June 9. /TASS/. Russia will have to convert around $40 bln from the National Wealth Fund (NWF) as part of withdrawal from dollar assets, Head of the Accounts Chamber Alexei Kudrin said in an interview with TASS, adding that it is a small sum easy to abandon.

"In this case $40 bln nominated in the currency is a small sum of money, which is easy to abandon and replace with other assets," he said. "In this respect conversion into other currencies is a technical operation that does not reduce the quality of our assets and reserves," Kudrin added.

The Head of the Accounts Chamber considers abandoning the dollar a forced measure for Russia.

"The dollar is a major currency in terms of assets on the global market. It is a pity but there are sanctions-related risks and the threat of difficulties with transactions involving those assets for Russia if any systemic calculation patterns are restricted. In this respect that is a forced measure," he said.

Russia plans to fully abandon the US greenback in the structure of the National Wealth Fund (NWF), Finance Minister Anton Siluanov revealed on the sidelines of the St. Petersburg International Economic Forum.

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