The head of the Accounts Chamber, Alexei Kudrin, believes that it will be easy for Russia to abandon the dollar in the structure of the National Welfare Fund (NWF). It will be necessary to replace about $ 40 billion. According to Mr. Kudrin, the United States will not feel the replacement of the dollar in the NWF, because it is “the weight of a feather that is falling.”
“Until recently, there were about $ 40 billion in dollars of this total. <...> This is a small amount, it is easy to abandon it and replace it with other assets … In this sense, transferring to other currencies is a technical operation that does not at all reduce the quality of our assets and reserves, “said Mr. Kudrin in an interview with TASS.
The head of the Accounts Chamber noted that the dollar is the largest currency in terms of the number of assets in the world market. “It’s a pity, but in this case there are sanctions risks and the danger of complicating operations with these assets for Russia,” he added.
Alexei Kudrin considers the abandonment of the dollar “not quite a retaliatory” measure against the United States. “The USA will not even feel this. The world market for dollar assets is trillion, and therefore for the market it is just the weight of a fluff that is falling, ”the head of the Accounts Chamber believes.
Finance Minister Anton Siluanov on June 3 announced plans to abandon the dollar as part of the NWF within a month. Its share will be reduced from 35% to zero, while the shares of the euro and the yuan will be increased to 40% and 30%, respectively. Russian President Vladimir Putin noted that Moscow does not plan to abandon the use of the American currency as a reserve currency.
On the refusal of the dollar in the NWF – in the material of “Kommersant” “The Ministry of Finance exchanged dollars for gold.”