The government is willing to join in on the de-dollarization trend observed elsewhere in Russia . With no new USD-denominated debt in the pipeline, it makes less sense to maintain USD assets, subject to potential sanctions risks. With no new USD-denominated debt in the pipeline, it makes less sense to maintain USD assets, subject to potential sanctions risks. Minfin's de-dollarization does not automatically mean change in FX structure of CBR's FX purchases on the local market. That structure somewhat mirrors the structure of trade flows, which despite the de-dollarization progress, are still USD-heavy.

Source: The Local November 14, 2019 00:16 UTC