Commentary
Moscow on Feb. 9 announced plans to exclude Europe’s currency from Russia’s sovereign wealth fund. Starting this year, China’s yuan and gold will apparently take the euro’s place. According to Russia’s TASS state media, the yuan may now compose up to 60 percent of the country’s currency funds and gold up to 40 percent.
Moscow’s National Wealth Fund (NWF) holds $148 billion in assets, originally meant to service its pension obligations. However, the fund is now being used to make up for the Russian deficit, down $38 billion in just a single month, between December and January.
Europe banned Russian oil, and much of the rest of the world is abiding by a $60 per barrel price cap, or buying at even lower market rates. Increasing war expenses and the drop in oil revenues are thus eating away at the future of Russia’s elderly….
RSS Feed | The Epoch Times