Large Russian companies are moving some of their cash holdings to Asian banks as the latest US and EU sanctions have raised fears that Russia could be completely shut out of US dollar funding markets.
Megafon, the country’s second-largest mobile phone operator, said yesterday that it had converted 40 per cent of its cash reserves into Hong Kong dollars at Chinese banks, with the remaining 60 per cent being held in roubles.
Sources close to Norilsk Nickel and Novatek said the nickel producer and Russia’s second-largest natural gas producer had also started moving some of their foreign exchange holdings out of the dollar.
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