Russia cuts US dollar holdings in $119-billion wealth fund to zero

The transfer, which affects about $119 billion in liquid assets of which about a third is held in dollars, will take place within the central bank's huge reserves

Russia said it will eliminate the dollar from its oil fund to reduce vulnerability to Western sanctions just two weeks before President Vladimir Putin holds his first summit meeting with US leader Joe Biden.
 
The National Wellbeing Fund will shift its dollar holdings into euros, yuan and gold, Finance Minister Anton Siluanov said.
 
The dollar pared gains on the news Thursday before bouncing back as analysts said the immediate market impact is likely to be limited.
 
The transfer, which affects about $119 billion in liquid assets of which about a third is held in dollars, will take