Russian ‘De-Dollarization’ Escalates: Begins “Strategic” Plan To Buy Billions In “Friendly” Currencies

The Central Bank of Russia got out of US assets (and scaled back its dollar exposure) back in 2018 … and Russia’s holdings of euros are a much higher share of global euro reserves than its dollars are of global dollar reserves.

2/n pic.twitter.com/jhG2mZi3m7

— Brad Setser (@Brad_Setser) September 1, 2022

• Russian ‘De-Dollarization’ Escalates: Begins “Strategic” Plan To Buy Billions In “Friendly” Currencies
  by Tyler Durden, https://www.zerohedge.com/
  Ever since March 2018, when Moscow dumped practically all of its US Treasury holdings, Russia has been at the forefront of a global process of ‘de-dollarization’. Practically speaking, reducing the nation’s dependence on the global hegemon’s control of payments and thus everything else.
  –
  China joined the fight more recently but has been increasing its gold reserves while reducing its US Treasury reserves quite consistently for over two years.
  –
  Of course, all of that ‘normal’ process has been thrown into chaos since Putin invaded Ukraine with sanctions, bans, and virtue-signaling by Washington curb-stomping the freedoms of many so-called ‘friendly’ nations to Russia (and some un-friendly who simply prefer to feed/heat/cool their citizenry than fall in line).
  –
  Since the invasion, the ‘Ruble is rubble’ narrative has been crushed after initial weakness in the Russian currency reversed to massive strength amid soaring energy prices (and energy-for-Rubles agreements)…
  –
  read more.

end