Russia’s Reserve Fund nears RUB 2 trillion, Sovereign Wealth Fund to RUB 3 trillion as of December 1

December 6, 2012

Russia’s Reserve Fund has accumulated 1,906.89 billion roubles as of December 1, which equals to 61.40 billion U.S. dollars, the Finance Ministry said in its regular report.

By the period under review, 27.42 billion U.S. dollars, 21.45 billion euros and 3.88 billion British pounds are the balance of Reserve Fund’s money placed on the accounts of several banks, the document wrote.

The total amount of the Russian Sovereign Wealth Fund amounted to 2,716.61 billion roubles (87.47 billion U.S. dollars) as of December 1, the ministry reported.

Of the aforesaid amount, 27.66 billion U.S. dollars, as well as 24.15 billion euros and 4.39 billion British pounds of the Sovereign Wealth Fund were placed into the accounts of the Central Bank, the document wrote, adding that 474.02 billion roubles and 6.25 billion U.S. dollars were placed in the Vnesheconombank.

As of January 1, 2012, the Reserve Fund was estimated at 811.5 billion roubles (1.3% of the GDP).

According to earlier reports, the Reserve Fund was expected to go up by 1.9 trillion roubles in 2012, by 603.7 billion roubles in 2013, by 988.7 billion roubles in 2014 and by 722.6 billion roubles in 2015.

The total amount of the Russian Sovereign Wealth Fund was projected at 2.8 billion roubles (3.4 percent of the GDP) by the end of 2015, as compared to 2.6 billion roubles (4.3 percent of the GDP) by the end of 2012.

Source: Eurasian Development Bank