Russia's sovereign welfare fund will eliminate all its dollar holdings this month. The announcement was timed less than two weeks before Putin's June 16 summit with US President Joe Biden.
- The summit outcome will influence investors' geopolitical risk perceptions and affect their valuation of Russian financial assets.
- Broader de-dollarisation is unlikely as Russians still view the US currency as a safe asset.
- The rising share of the euro and renminbi reflects the importance of Russia's two leading trading partners.