The Russian Ministry of Finance has confirmed a new regulatory framework for the National Wealth Fund (NWF), outlining a redesigned structure that governs the fund’s permitted foreign exchange positions and gold holdings. The information was shared by the ministry’s press service, signaling a deliberate shift in how the NWF will manage its strategic assets going forward. (Source: Russian Ministry of Finance)
The official report notes that the fund will operate under a refreshed regulatory scheme for its FX exposures and gold assets, reflecting a tighter, more centralized approach to asset allocation. This reorganization is described as a formal approval of the NWF’s new permissible holdings, aimed at aligning the fund with evolving macroeconomic considerations and safeguarding public assets. (Source: Russian Ministry of Finance)
According to the ministry, the possibility of investing NWF funds in U.S. dollar-denominated assets has been completely eliminated. This represents a clear move away from dollar-centric allocations toward a diversified currency mix and precious metal holdings that are intended to reduce exposure to single-currency risk. (Source: Russian Ministry of Finance)
The press service specifies the new cap structure: up to 60% in Chinese yuan and up to 40% in non-cash gold. This framework sets explicit upper limits intended to balance liquidity, risk management, and strategic reserves, while signaling a strategic preference toward yuan-based instruments and tangible gold as a hedge. (Source: Russian Ministry of Finance)
Previously, the fund targeted allocations of 30% in yuan and 20% in gold. In parallel, the remaining balances that used to sit in Sterling and Japanese Yen holdings with the Central Bank of Russia have been readjusted or reset to reflect the updated policy guidelines. This recalibration indicates a broader realignment of the NWF’s portfolio to future-oriented assets and currency exposure. (Source: Russian Ministry of Finance)
In a related note, former Finance Minister Anton Siluanov stated that starting in 2023 the National Wealth Fund could begin replenishment with Chinese yuan as part of its ongoing diversification strategy. This remark underscores the government’s intent to broaden reserve currencies and strengthen the fund’s resilience against external shocks. (Source: Russian Ministry of Finance)