Russia moves to EUR FX basket?

OK, not quite an Asian central bank defection, but a major EurAsian one...

From a correspondent in finance:

The Nikkei news is reporting that from 2005, Russia's central bank will adopt a EUR-dominated basket peg for the RUB. The BoR does not have a formal USD/EUR basket, but has a notional basket containing a split of 70% USDs and 30% EURs which it uses when it targets trends in the RUB's REER. Its FX reserve composition tends to reflect this notional basket. The vast majority of FX intervention (roughly USD2bn a week) is conducted via the USD/RUB market given that EUR/RUB is illiquid. The BoR is believed to then convert roughly 30% of its incremental FX reserve growth into EURs. FX intervention in Russia is therefore positive for EUR/USD.

I should have bought more BEGBX!