Moscow: OAO MegaFon, Russian billionaire Alisher Usmanov’s wireless operator, has been shifting its cash holdings into Hong Kong dollars as the United States and Europe ratchet up sanctions against the country.
MegaFon decided to keep about 40% of its cash in Hong Kong dollars given the global markets disturbances, chief financial officer Gevork Vermishyan said. The Moscow-based carrier has traditionally kept its cash in US dollars and euros, according to the company.
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