In 2023, the Ministry of Finance will reset the share of the euro in the NWF

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The Ministry of Finance of Russia in 2023 will zero out the share of the euro in the National Wealth Fund (NWF), leaving only gold, yuan and rubles in it.

“If the question is whether the euro will be reset to zero, then it will definitely be reset to zero this year,” Deputy Finance Minister Vladimir Kolychev said in response to a request to talk about the fate of the euro in the NWF (quote from “RIA News”).

According to him, the structure of the fund will change gradually, it will retain the ruble, yuan and gold.

As of January 1, the volume of the NWF is 10,434 billion rubles. On December 30, 2022, the Ministry of Finance approved the new structure of the NWF. The share of the yuan was limited to 60%, non-cash gold – 40%. Previously, the shares of the yuan and gold in the NWF were 30% and 20%, respectively. The share of the euro was 40%, while the share of the pound sterling and the yen was almost 5%.

On January 18, the Ministry of Finance announced the sale of all pounds sterling and yen from the NWF, as well as a four-fold reduction in investments in euros. Thus, the department reduces the share of currencies of unfriendly countries in the NWF.

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