Russia sold $5 billion of U.S. currency from its oil fund in May as part of a drive to reduce exposure to the greenback and vulnerability to Western sanctions. The National Wellbeing Fund converted $4 billion into yuan and $1 billion into euros, the Finance Ministry said in a statement. That leaves $35 billion of dollar holdings still to cut after the ministry said last week that it would eliminate all greenback exposure in the fund. The transfer is taking place within the central bank’s huge reserves so any market impact will be limited. President Vladimir Putin is on a multi-year drive to reduce Russia’s exposure ... (full story)