(Adds detail, analyst comment)
ST PETERSBURG, June 3 (Reuters) - Russia’s National Wealth Fund (NWF) will sell off all its U.S. dollar assets, increasing the share of its holdings in euros, Chinese yuan and gold, Finance Minister Anton Siluanov said on Thursday, with the changes expected within a month.
Russia has gradually reduced its dollar holdings since the imposition of Western sanctions following Moscow’s annexation of Crimea in 2014, and has sought to partially decouple from the Western financial system.
“Like the central bank, we have decided to reduce investments of the NWF in dollar assets,” Siluanov said at the St Petersburg International Economic Forum (SPIEF).
OPEC leaders mock IEAâs âla-la landâ 2050 net zero roadmap By Dina Khrennikova and Olga Tanas on 6/3/2021
MOSCOW (Bloomberg) The worldâs largest petrostates rejected calls for a rapid shift away from oil and gas, warning that starving the industry of investment would harm the global economy.
Russian Deputy Prime Minister Alexander Novak
If the world were to follow the International Energy Agencyâs controversial road map, which said investment in new fields would have to stop immediately to achieve net-zero carbon emissions by 2050, âthe price for oil will go to, what, $200? Gas prices will skyrocket,â said Russian Deputy Prime Minister Alexander Novak.
Preliminary Agreement Concluded with Russia on Long-term Gas Delivery
Hungary and Russia have agreed to conclude a long-term agreement on the delivery of natural gas from Russia to Hungary, Foreign Minister Péter Szijjártó said on Thursday, after talks with Gazprom CEO Alexey Miller.
“We intend to enter into a 15-year contract, with flexible pricing,” Szijjártó said on the sidelines of the St Petersburg International Economic Forum.
The agreement would ensure long-term gas supply security, Szijjártó said, noting that the current deal expires at the end of September. Prices, however, are yet to be negotiated, he said.
Russia gathers thousands for business forum despite COVID kuwaittimes.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kuwaittimes.net Daily Mail and Mail on Sunday newspapers.