In the past month, the relationship between the United States and Russia has generally eased. One sign is that Biden and Putin spoke by phone in July 10. Although the content of the discussion was not very good, Biden asked Russia to give a statement on the issue of cyber attacks, but the two sides did not delay the process of easing relations between the two countries.

You know, this phone call is the second direct communication between the two people in a month. We just met in Geneva, Switzerland last month and reached an understanding on some remaining issues.

So does this mean that Russia has begun to relax its vigilance against the United States and even become more and more reassured? Can Putin free up his hands to lay out diplomacy against Ukraine or Europe?

Uncle Mu doesn't think so.

On the one hand, keep in touch, try to keep a cautious relationship with the United States, and prevent the sudden deterioration of relations from hitting Russia's internal affairs and diplomacy by surprise.

On the other hand, we are prepared to turn against the United States, and through various economic and diplomatic arrangements, once the United States imposes large-scale sanctions on Russia, we will strengthen our viability.

how do you know It is from this period that Russia's attitude towards the dollar.

We should know that US dollar reserves and US debt are part of Russia's economic exchanges, and the economy is the foundation. Economy determines politics, and of course it also affects diplomacy.

Just two weeks before Biden and Putin met in Geneva, Russia announced that it would remove dollars from the accounts of Russian sovereign wealth funds. At the beginning of July, more than a month later, the Ministry of Finance announced the completion of the elimination.

According to Reuters's report, the part of this fund that has not been invested in infrastructure and other projects now totals 8.4 trillion rubles (about11500 million US dollars). 35% of this money was used in US Treasury bonds, and now it has been sold. The holdings of euro-denominated bills increased from 35% to 39.7%, while the holdings of RMB doubled from 15% to 30.4%. This shows that the dollar assets have reached a historical low, while the RMB has entered a historical high.

Withdrawing dollars from the national wealth fund is not a trivial matter.

The fund consists of oil and other energy export revenues mainly denominated in US dollars. Russian exporters pay in euros in Europe, where they convert euros into dollars, and then remit the money back to Russia and sell it on the Moscow currency exchange, because 80% of the transactions there are dollars and 20% are euros.

The Russian central bank also buys and sells dollars on behalf of the national wealth fund, and then converts them into euros or RMB, but there will definitely be exchange rate risks in finance.

As the exchange rates of the euro and gold against the US dollar fell for some time in June, the Russian national wealth fund lost as much as $2 billion in a single month.

In addition, Russia's current foreign exchange reserves are worth about 590 billion US dollars, and the central bank continues to keep US Treasury bonds on its balance sheet, but the quantity is decreasing. The upward trend of gold is very obvious.

In Russia's view, although the RMB and gold are not as easily convertible as the US dollar, they are regarded as safe havens outside the US dollar.

Euro-denominated bills, mainly German government bonds and bank bills, are also obviously considered safe.

Because the relationship between Russia and Germany may be the best with the West. It has been predicted in Russia that once the United States and the West launch large-scale financial sanctions against Russia, Germany is likely to be the last western country to freeze Russian government accounts in its banking system.

The directionality of these financial operations is obvious! Does it mean that Russia is really preparing for a financial war after its showdown with the West?

All works have been protected by copyright, and copying and reprinting are strictly prohibited, otherwise it will bear legal consequences.