According to a fresh report published on the Russian Central Bank’s official website, Russia more than halved its share of US dollar-denominated reserves during the first months of 2018, favouring assets in the Chinese yuan, Japanese yen, pound sterling – and even Canadian dollars. Russia’s ditching of the dollar in favour of the rouble and other currencies is a result of the nature of US economic policies, Russian Prime Minister Dmitry Medvedev stated, as he took the floor at the Gaidar economic forum. “As is known, we are also widening the use of roubles and other currencies in foreign trade transactions; we have drastically cut down other investments in US Treasury securities. Incidentally, a recent batch of Russian euro-securities has been issued in euros – all of this is a result of aggressive, and frankly speaking, often stupid economic policies pursued by the United States”, the prime minister noted.
Source: ‘Stupid US economic policies’: Russian PM reveals what forced Moscow to drop dollar