Russia Will Give Up on Dollar in the NWF Structure Within a Month

First Deputy Prime Minister Belousov linked the decision of the Ministry of Finance to reduce the share of the dollar in the structure of the National Welfare Fund from 35 percent to zero with the threat of US sanctions. Russia reduces the share of the US dollar in the structure of the National Wealth Fund (NWF) from 35 percent to zero. This will happen "within a month," said Finance Minister Anton Siluanov on the sidelines of the St. Petersburg International Economic Forum (SPIEF) on Thursday, June 3. The shares of the euro and the yuan in the fund will be increased to 40 and 30 percent, respectively, the Finance Ministry said. In addition, gold will be included in the structure of the NWF for the first time. The department explained the decision by "macroeconomic and geopolitical trends of recent years." Rejection of the dollar before the meeting of the presidents of the United States and Russia The decision of the Ministry of Finance became known less than 2 weeks before the meeting of the US and Russian Presidents Joseph Biden and Vladimir Putin. The summit is expected in Geneva on June 16. The decision to abandon the United States currency "is connected, among other things, with the threat of sanctions," which the Russian side received from the American leadership, explained Russian First Deputy Prime Minister Andrei Belousov. Relations between Russia and a number of Western states, including the United States, have deteriorated in recent weeks. In mid-April, Biden signed a decree imposing new sanctions against Moscow. In addition, Washington has ordered the expelling of 10 Russian diplomats from the United States. Russia responded with a similar expulsion and banned a number of former and current senior US officials from entering.