Major Russian fund to ditch dollar, buy euros, yuan, gold

MOSCOW (AP) — Russia says it will completely remove the dollar from its rainy day fund, a move intended to counter U.S. pressure two weeks before a summit of the two countries’ leaders. Finance Minister Anton Siluanov said Thursday that the National Wealth Fund will turn dollar-denominated assets into euros, yuan and gold. He said the shift will take a month, and once it’s completed the fund will have 40% of its holdings in euros, 30% in yuan and 20% in gold, with the rest in British pounds and Japanese yen. Russia has gradually moved to reduce the dollar’s share in its hard currency reserves as it has faced waves of U.S. sanctions.