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Wellbeing Fund EUR Balance to be 'Zeroed' This Year

RUSSIA
  • Deputy finmin here confirming that the share of EUR assets in the wellbeing fund will be 'zeroed' by the end of this year.* As such, the only holdings in the fund will be in CNY, gold and RUB.
  • This may be a new timeline on EUR holdings, however has been the trend in holdings since the sanctions impact early last year.
  • On December 30th last year, Vedomosti wrote that CNY holdings would increased as high as 80% - and the report also stated the fund's intent to exclude EUR, JPY and GBP from the fund itself. These holdings still exist, but are currently frozen by sanctions.
  • The new structure for the fund, as detailed last year, was to reallocate EUR, GBP and JPY holdings within the CBR accounts, to be denominated in CNY.Last year's Vedomosti article here: https://www.vedomosti.ru/finance/articles/2022/12/...

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