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Russia’s multi-year push to remove the dollar’s hold over its economy and financial markets has so far helped ease the impact of sanctions from the U.S. and its allies, even as they roll out tougher measures that could test the extent of a true de-coupling from the greenback.

The nation slashed its dollar reserves to just 16% of the central bank’s stockpile in 2021, down from more than 40% just four years prior. That’s meant aggressively hacking its holdings of U.S. Treasuries, shrinking ownership by almost 98% from a peak in 2010 and removing dollar assets from its sovereign wealth fund.

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