'A
few years ago, Russian President Vladimir Putin warned that Washington
was inadvertently accelerating de-dollarization with its aggressive
financial sanctions. ...After
years of steadily reducing its dependence on the dollar, Russia is
about to intensify those efforts in a way that Washington will be forced
to take notice.'
By Tyler Durden: Following a series of corporate cyberattacks that American
intelligence agencies have blamed on Russian actors, Russia's sovereign
wealth fund (officially the National Wellbeing Fund) has decided to dump
all of its dollars and dollar-denominated assets in favor of those
denominated in euros, yuan - or simply buying precious metals like gold,
which Russia's central bank has increasingly favored for its own
reserves.
Finance Minister Anton Siluanov
Finance
Minister Anton Siluanov made the announcement Thursday morning at the
annual St. Petersburg International Economic Forum. "We can make this change rather quickly, within a month," Siluanov told reporters Thursday.