The Russian Ministry of Finance stated that “the reserves of the National Wealth Fund at the beginning of this month amounted to about 12.476 trillion rubles (about $197.7 billion),” noting that “the fund’s reserves amounted to 12.476 trillion rubles, which is equivalent to $9.4 billion.” % of GDP expected for 2022”.
For comparison, the fund’s reserves as of May 1 were at the level of 11 trillion rubles (about $154.954 billion), or 8.3% of GDP. Moscow created the fund more than 10 years ago and accumulated in it a part of oil revenues during the boom in its prices, in order to be an airbag for the country during crises and low prices for crude oil, which is a traditional commodity in Russian exports. .
An important point is that the money accumulated in the National Welfare Fund is not Russia’s gold and foreign exchange reserves, which, as of May 13, 2022, amounted to $585 billion. sanctions imposed against Russia.
Source: El Iktisad
