Russia vows to keep selling off its US securities holdings after being hit with new sanctions

Russia will continue decreasing its holdings of U.S. securities in response to new U.S. sanctions on Moscow, Finance Minister Anton Siluanov said, RIA state news agency reported on Sunday.

Russia will increasingly use roubles and other currencies, including the euro, rather than the U.S. dollar in its settlements, Siluanov said, speaking on state TV.

The country’s holdings of Treasury securities declined 84 percent between March and May, falling to $14.9 billion from $96.1 billion in just two months, according to a U.S. Treasury Department report released July 18. However, Moscow’s holdings are eclipsed by China and Japan, both of which own more than $1 trillion in U.S. government debt on their books.

–CNBC’s Thomas Franck contributed to this report.

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