March 30, 2023
Currency International

Russian National Wealth Fund’s Currency Mix Is Changed

The National Wealth Fund (NWF) of Russia will continue to have a limited percentage of assets denominated in currencies from “unfriendly” nations, according to a statement released by the Russian Finance Ministry on Friday. According to the announcement, as part of the NWF’s newly authorised regulatory asset structure, the proportion of the Chinese yuan will double from 30% to 60% and the percentage of non-cash gold will rise to 40%.

At the same time, Russia will completely deplete its wealth fund’s holdings in dollars and bring down its balances in British pounds and Japanese yen to zero. According to the ministry, these adjustments will enable the NWF’s currency composition to more effectively address Russia’s issues in the present macroeconomic and geopolitical environment.

Russia bombards a number of towns

According to the General Staff report, Russian troops bombarded localities in Luhansk as well as a number of towns close to Kupiansk in the northeastern Kharkiv area that Ukraine regained in September.

Russia also shelled parts of the southern Zaporizhzhia province, notably the contentious town of Hulyaipole. Additionally, shelling occurred in and around Ukrainian-controlled Nikopol, which is situated near the Russian-controlled Zaporizhzhia nuclear power plant on the other side of the Kakhovka reservoir. The infrastructure in Kherson, which Russian troops abandoned last month, and Kachkarivka, farther north on the west bank of the Dnipro River, came under increased Russian fire on the southern front.

In an effort to hinder Ukraine’s ability to maintain military hardware and move troops, Russia’s Defense Ministry earlier claimed that it had launched a “massive strike” on energy and industrial targets. According to Zelenskyy, the assaults targeted energy infrastructure, and the majority were thwarted.

Russia has been attacking Ukraine’s civil infrastructure with mass missile and drone strikes almost every week since October, leaving millions of people without heat or electricity in the dead of winter. Russia claims that its goal is to weaken Ukraine’s fighting capacity. According to Kyiv, the attacks are meant to harm civilians.

Sergei Shoigu, the Russian defense minister, praised the valor of Russian soldiers in a New Year’s video message and declared that Russia’s victory over Ukraine is “inevitable.” We begin the new year in a challenging military-political environment, according to Shoigu. At a time when some are attempting to erase our illustrious past and outstanding accomplishments, destroy monuments honoring those who overthrew Nazism, elevate war criminals, and annul and degrade everything Russian,

The latest attempt by Russian authorities to win support for its military action in Ukraine was the announcement that troops and state workers stationed there would not be subject to income tax. The new policy applies to everyone engaged in combat in the four Ukrainian provinces of Donetsk, Luhansk, Kherson, and Zaporizhzhia, which Russia has claimed as its own but does not fully control.

President Vladimir Putin modified his prior rule on ruble payments for gas, allowing nations to make debt settlements for shipments in a foreign currency.

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