The head of VTB commented on the decline of Russia’s share in the US debt

© RIA Novosti / Alexei Druginderal in Photobacterium – Chairman of the Board of VTB Bank Andrey Kostin. Archival photoThe head of VTB commented on the decline of Russia’s share in the US debt© RIA Novosti / Alexei Druginderal the image Bank

The decline of the Russian investments in US treasuries may indicate that the Central Bank and the Finance Ministry in its policy, consider the risk of sanctions and thus minimize them, said the head of VTB Andrey Kostin.

According to the US Treasury, Russia for two consecutive months was sharply reduced investments in us government bonds in April — 47.5 billion dollars more in may at 33.8 billion. In the end, they fell to 14.9 billion dollars — the lowest since 2007, and Russia withdrew from among the 33 largest holders of U.S. debt, while at the end of March took 16 th place with an index at 96.1 billion.

«Look at the latest sanctions, which has affected our leading businesses, such as RUSAL, Renova, is, of course, shows us that we need to be careful. I think that the Central Bank reacts to that, too, because the Central Bank is often criticized for the fact that they keep the money abroad. I think that’s partly right, everybody does it. But, of course, (need — ed) to minimize risks, reduce these risks… because today, the United States pose the greatest threat, in terms of introducing different kinds of sanctions more than Europe or other countries,» — said Kostin in an interview with TV channel «Russia 24».

«I think it’s also, probably, the Central Bank and the Ministry of Finance into account in their policies,» he added.

The head of VTB also said that the Bank has prepared proposals aimed at de-dollarization and de-offshorization of the Russian economy. «I recently met with the President, I expounded to him the proposals of our Bank to reduce the dollar in the calculations, the General economy of our country. This measure, which, in my opinion, has two sides. On the one hand, it is good for the development of the private market: if we create and their derivatives we hedge risks on a tool in the Russian market, it is very good will, as well as the calculations. On the other hand, makes us life,» said Kostin.

The head of the Bank of Russia Elvira Nabiullina in June, answering a question of deputies of the state Duma on the sale by the regulator in April, almost half of the public debt of the United States, explained that the Central Bank pursues a policy of diversification of international reserves and when making decisions takes into account all risks, including financial, economic and geopolitical.

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