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Russian Ministry rules out possibility of investing NWF assets in US dollars

Earlier, the Russian Finance Minister Anton Siluanov said that the National Wealth Fund would be replenished in yuan within the framework of the fiscal rule in 2023

MOSCOW, December 30. /TASS/. The possibility of investing the funds of the Russian National Wealth Fund (NWF) into US dollar-denominated assets has been ruled out in accordance with the new normative framework of the NWF’s assets, the Russian Finance Ministry said on Friday.

"A new normative framework of the NWF’s assets in permitted foreign currency and gold has been approved, which eliminates the possibility of investing the finances of the Fund in assets denominated in US dollars," the ministry said in files released on its website.

According to the ministry, in order to ensure flexibility in the investment of the NWF’s funds it is suggested that virtual minimum shares of each of the assets in the new framework be zeroed out, whereas the share of Chinese yuan be limited to 60%, of noncash gold - to 40% (previously, the share of yuan and gold totaled 30% and 20%, respectively). Consequently, the limits on investment in yuan and gold have doubled. The remaining balance of the NWF in pounds sterling and Japanese yen in the Bank of Russia has been reduced to null by now. "As a result of those changes the currency structure of the NWF has become better adapted to challenges facing the Russian Federation amid the current macroeconomic and geopolitical environment," the ministry explained.

Earlier, the Russian Finance Minister Anton Siluanov said that the National Wealth Fund would be replenished in yuan within the framework of the fiscal rule in 2023.

The previous rates approved by the Finance Ministry in the summer of 2021 suggested that 39.7% of the NWF consisted of the euro, 30.4% - of yuan, 5% - pounds sterling, 4.7% - yen, and 20.2% - of gold.

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