The US dollar is not Russia’s basic reserve currency anymore. The euro-based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1, 2009 and exceeded the investments in dollar assets, which made up 41.5 percent, The Vedomosti newspaper wrote.
The dollar has thus lost the status of the basic reserve currency for the Russian Central Bank, the annual report, which the bank provided to the State Duma, said.
http://english.pravda.ru/business/finance/19-05-2009/107581-dollar_russia-0
This is devastating for the Dollar, in light of this news earlier in the week:
Brazil, China Sign Oil Deal, Call for Shift away from US Dollar
