The changes to the structure of the National Wealth Fund, which is part of Russia’s sovereign reserves, will come into effect next year, he said.

“I can say with certainty that the US dollar share will be smaller,” Kolychev told reporters.

“Different currencies are being considered … including the yuan.”

Russia has stepped up what it calls a de-dollarisation process to reduce its dependence on the greenback when Western countries began imposing sanctions on Moscow over its annexation of Crimea from Ukraine in 2014.

Kolychev said the move was in part meant to shield Russian reserves from external risks, but did not give any indication how drastically the US dollar share of the National Wealth Fund would be cut.

“Geopolitical risks are one of the key factors in determining the structure of the National Wealth Fund,” he said.

Kolychev added that the finance ministry was trying to bring the structure of the National Wealth Fund closer to that of the central bank’s foreign currency reserves, where euros account for a larger share than the dollar.

The National Wealth Fund had US$45.5 billion, €39.17 billion and £7.67 billion as of the end of September, according to data from the finance ministry.