Data from the Russian Ministry of Finance showed that the reserves of the Russian National Welfare Fund amounted to about 12.353 trillion rubles (approximately $154.4 billion) on June 1, 2023.
According to the data of the Russian Ministry, the reserves accounted for 8.2% of the expected GDP for Russia for the year 2023.
At the beginning of this month, the volume of liquid assets of the Russian Sovereign Fund amounted to 6.64 trillion rubles (about 82 billion dollars), which constitutes approximately 4.4% of the expected GDP.
Moscow established the fund more than 10 years ago and accumulated part of the oil revenues during the boom in oil prices, to serve as a safety cushion for the country during crises and low crude oil prices, which is a traditional commodity in Russian exports.
The important point is that the funds accumulated in the National Welfare Fund are different from Russia’s international reserves, which at the end of May 2023 reached the level of $586.3 billion.
This article was originally published by RT.