Russia could exclude euros, pounds and yen from National Welfare Fund

By Swann Collins, investor, writer and consultant in international affairs – Eurasia Business News, July 28, 2022

The Accounts Chamber of the Russian Federation (picture above) recommended revising the currency structure of the National Welfare Fund (NWF), excluding from it the currencies of countries that imposed sanctions on Russia. We can find this recommendation in the report released by the financial controller on the results of monitoring, use and management of the resources of the NWF in 2020-2021.

As a result of the geopolitical situation in 2022, part of the NWF’s funds in foreign currencies (euros, pounds sterling and Japanese yen) in accounts with the Bank of Russia have been blocked since March 2022 as a result of Western sanctions by a number of foreign countries against the assets of the Russian central bank.

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