The President of the Federation Council (upper house of the Russian Parliament), Valentina Matvienko, said on Tuesday that Russia is working to reduce its dependence on the dollar. She is working to strengthen her ruble. According to the head of the upper house of the Russian Parliament, the dollar's share in Russian foreign currency reserves is falling and the country's investments in American government bonds have fallen to 1/30 of their level 10 years ago. “The Central Bank and the government have applied a de-dollarization policy, as requested by the president in recent years,” Valentina Matvienko told RIA Novosti news agency in an interview

This process was progressing gradually and should not be hasty, adding that this policy, which was strongly supported by Parliament, would strengthen the country's sovereignty.

“We have recently made a lot of efforts to support the ruble and increase its attractiveness for businesses and individuals. This is paying off with increased deposits and loans in rubles. Citizens should believe in this motto,” she said.

However, the dollar will remain in circulation. In addition, the Chinese yuan (RMB) and the Japanese yen have been added to the regulatory monetary portfolio of the Russian National Sovereign Fund (NWF