Russia is considering buying the Turkish lira to invest in the Welfare Fund

The Russian Central Bank announced that it is studying the possibility of buying the Turkish lira to invest in the reserves of the National Welfare Fund, noting that purchases and sales of additional oil and gas revenues in US dollars and euros have become impossible due to sanctions.

The Russian Central Bank announced, on Friday, that it is studying the possibility of buying the Turkish lira to be invested in the reserves of the National Welfare Fund.

The Russian Central Bank said in a report that purchases and sales of additional oil and gas revenues in US dollars and euros were made impossible by the sanctions imposed on the country.

The report indicated that the Russian Ministry of Finance is working to conduct various transactions in the currencies of some countries friendly to Russia.

He added that the Ministry of Finance is working on implementing an operating method for managing the budget base around the currencies of friendly countries (the Turkish lira, the yuan, the rupee, etc.) with the aim of renewing the National Welfare Fund and managing its expenditures.

Reserves in the National Welfare Fund, which is part of the country's international reserves, rose by 1.4 trillion rubles last July to 12.1 trillion rubles (about 201 billion dollars).

And in late July, he extended economic sanctions imposed on Russia for an additional 6 months, claiming that they were destabilizing Ukraine.