In 2022, RUB 535 billion was allocated from the National Wealth Fund (NWF) to protect the stability of Russian financial institutions. This was announced by the First Deputy Minister of the Ministry of Economic Development Ilya Torosov at the forum “Banks of Russia – XXI century”. Part of the funds in the amount of 100 billion rubles. was spent to protect the financial stability of Dom.RF Bank and Gazprombank.
For about a decade, Russia’s budget was projected to be balanced with oil and gas export prices of about $40-45 per barrel, which made it possible to create an impressive NWF from above-planned oil and gas revenues. Since 2020, part of the NWF has been spent on covering unscheduled “covid” deficits, but changes in the volume of funding for current budgets have allowed the White House to create a significant spending reserve.
According to the Ministry of Finance, in August this year, the volume of the NWF decreased by 286 billion rubles. As of September 1, 2022, it is 11.87 trillion rubles. As follows from the government’s budget package, next year there will be no replenishment of the NWF, in 2024 it will get 939 billion rubles, in 2025 – 656 billion rubles. The Ministry of Finance makes these calculations based on the URALS oil price determined by the Ministry of Economy for 2023 at $70.1 per barrel.
For more details, see the Kommersant publication “Budget by Deferred Rules”.