Russian Finance Minister: Oil Settlements Are Transitioning from USD to CNY
¬ Russian Finance Minister: Gold's Global Reserves Have Exceeded Euros
¬ Russian Finance Minister: Russia Seeks New Development Bank Financing Schemes Free of Sanctions Risk
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Anton Siluanov, Russian Minister of Finance, said in an interview with TASS ahead of the New Development Bank (NDB) Board of Governors meeting that, following the deterioration of the situation in the Strait of Hormuz, countries are seeking more reliable payment instruments, and oil settlements are transitioning from the long-standing use of the US dollar to the Chinese yuan.
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Anton Siluanov, Russian Minister of Finance, stated in an interview with TASS prior to the NDB Board of Governors meeting that confidence in traditional reserve currencies is declining globally, leading to gold’s share in foreign exchange reserves surpassing that of the euro.
Siluanov said: "Today, market confidence in reserve currencies is declining, causing a reduction in the share of traditional currencies in global reserves, while gold’s share is rising. The US dollar accounts for about 57% of international reserves, the euro slightly above 20%, and gold makes up 23%. Therefore, gold’s share in reserves has now exceeded that of the euro."
However, Siluanov noted that the share of the renminbi (CNY) in countries’ gold and foreign exchange reserves is increasing.
He believes the main reason for declining confidence in traditional reserve currencies is not sanctions, but rather the macroeconomic policy principles pursued by the countries issuing these currencies.
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Anton Siluanov, Russian Minister of Finance, said in an interview with TASS ahead of the NDB Board of Governors meeting that Russia hopes to find an acceptable new development bank financing mechanism for its projects, while avoiding exposure to potential sanctions risks associated with the bank.
Due to Western sanctions, the New Development Bank has suspended lending to Russian projects.
Siluanov mentioned that Russia has put forward a series of proposals regarding the strategic development of the NDB.
He said: "The focus should be on innovation, exponential growth in project activities, and mobilizing resources from Global South countries, including capital markets."
Siluanov emphasized that the NDB’s mission is to find funding sources for development in shareholder nations and expand project financing denominated in local currencies. This will help reduce dependence on the West and develop our own settlement infrastructure.
The annual NDB Board of Governors meeting will be held in Moscow on May 14–15, 2026 — the first time it is hosted in Moscow.
The New Development Bank is a multilateral development bank established in 2015 by Brazil, Russia, India, China, and South Africa to support infrastructure and sustainable development projects in BRICS countries and other emerging economies and developing nations. It serves as a complement to existing multilateral and regional financial institutions, promoting global growth and development. The NDB is headquartered in Shanghai.
The BRICS cooperation mechanism was launched in 2006, initially comprising Brazil, Russia, India, and China. South Africa joined in 2011. In January 2024, Egypt, the United Arab Emirates, Iran, and Ethiopia became full members of BRICS. In January 2025, Indonesia joined as a full member. The Republic of Belarus, Bolivia, the Republic of Cuba, the Republic of Kazakhstan, Malaysia, the Federal Republic of Nigeria, the Kingdom of Thailand, the Republic of Uganda, the Republic of Uzbekistan, and the Socialist Republic of Vietnam became BRICS partners.
Source: sputniknews
Original: toutiao.com/article/1865036227152904/
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