Page 67 - RusRPTFeb24

As Russia comes up to the second anniversary of the war, concerns over Moscow's fiscal resilience have surfaced as the National Welfare Fund may last only another one to two years if the nation's oil export price falls below $50, according to Alexander Isakov, head of Russia and CIS macroeconomics at Bloomberg.
The NWF totalled RUB11.965 trillion ($135bn) as of January 1, 2024, or 8% of GDP projected for 2023. The Finance Ministry sold RUB114.94bn yuan, 232.58 tonnes of gold and €573.7mn from the NWF in December for financing federal budget deficit, and as a result the account with the Bank of Russia with the NWF’s funds in euro went to zero, according to a statement released on the ministry’s website.
"As of January 1, 2024, the National Wealth Fund totalled RUB11,965,074.7mn, or 8% of GDP projected for 2023 <...> which equals $133,407.3mn," the statement reads.
The amount of liquid assets of the NWF was RUB5.01 trillion ($56.6bn), or 3.3% of GDP projected for 2023, as of January 1.
Russian Finance Minister Anton Siluanov said last month that the volume of the NWF would total RUB11.8 trillion ($128.6bn) by the end of 2023, adding that free resources not invested in projects amounted to RUB4.7 trillion ($51.2bn).
Defining Russia's fiscal buffers, it's essential to distinguish between the broad public balance sheet, covering all state-owned assets, and the specific NWF, Russia’s “rainy day fund.”
67 RUSSIA Country Report February 2024 www.intellinews.com