Moscow, Russia (Weltexpress). Madness, but true. That the Russians are increasing their gold holdings step by step has been reported often enough in WELTEXPRESS. The Russians of the Russian Federation are currently fifth in the world, ahead of the Han Chinese of the People’s Republic of China.
Although the VSA lead by a long way, the Germans in the Federal Republic of Germany follow behind. Overtaking these Germans will be difficult for these Russians, but the Italians and French can already be overtaken this year or next, although the stock in US dollar billions has fallen slightly since August 2020 after many years of increases. Right, the global economic crisis associated with the Chinese virus is not leaving the Russian Federation unaffected.
But Putins Russia never tires of relying on their own values and independence. Under the heading “Russian State Fund liquidates all US dollar values”, “RT Deutsch” (June 3, 2021) reports that “the State Fund for the National Welfare of Russia … within one month all investments still nominated in US Dollars from its portfolio” removed. The source is Anton Siluanov, who announced this as Minister of Finance of the Russian Federation at the St. Petersburg International Economic Forum.
The Russian news agency “TASS” (June 3rd, 2021) quoted Siluanov as follows: “Like the [Russian] central bank, we have made the decision to reduce the investments of the State Fund for National Welfare in US dollar assets. Today about 35 percent of the State Fund for National Welfare is invested in US dollars. We have decided to withdraw completely from the dollar assets […]”
The state fund of the Russian Federation “after the change” will look like this: “Zero percent in US dollars, 40 percent in euros, 30 percent in yuan, 20 percent in gold, five percent each in British pounds sterling and yen. We [then] replaced the US dollar with a five percent increase [in their respective investments] in euros, gold and yuan.”