The Ministry of Finance of the Russian Federation will reset the share of the euro in Putin’s fund by the end of the year
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In 2023, the Ministry of Finance of the Russian Federation will reduce the share of the euro in the National Welfare Fund to zero, leaving only Chinese yuan, rubles and gold in it. This was stated by Deputy Minister of Finance Vladimir Kolychev, Forbes writes.
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“If the question is whether the euro will be zeroed, then it will definitely be zeroed this year,” Kolychev said, answering the question of what will happen to the funds in euros remaining in the FNB accounts. He noted that the Ministry of Finance will gradually bring the fund to a new structure.
Let’s remind
In 2021, the Ministry of Finance excluded the dollar from the FNB currencies. As a result, shares of assets in FNB were distributed as follows: 39.7% — euros, 30.4% — yuan, 5% — pounds sterling, 4.7% — yen, and 20.2% — gold.
In March 2022, approximately half of Russia’s international reserves, including euros, pounds and yen in the accounts of the Bank of Russia, were blocked due to sanctions.
Read also: All pounds and yen were sold: Putin’s reserve fund lost almost 10% in a month
At the end of 2022, the Ministry of Finance approved the new structure of FNB assets. It was allowed to invest up to 60% of the fund’s assets in yuan, up to 40% in gold. Previously, the shares of yuan and gold were 30% and 20%, respectively.
In addition, in the new structure, the Ministry of Finance provided for the possibility of reducing the share of any asset to zero and announced the zeroing of the balances of pounds sterling and Japanese yen on the accounts of the National Bank of Ukraine.
According to the Ministry of Finance, at the beginning of February, 10.46 billion euros and 307.44 billion yuan, 551.27 tons of gold in depersonalized form and 530.1 million rubles were placed on the accounts of the FNB in the Bank of Russia.
The National Welfare Fund is used as an anti-crisis fund by the authorities of the Russian Federation, it is filled at the expense of oil and gas revenues of the federal budget, part of the funds is also included in the gold and currency reserves of Russia.
Source: Ministry of Finance
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