(Reuters) – Russia’s Finance Ministry said on Wednesday that the country’s National Wealth Fund stood at $148.4 billion as of Jan. 1, equivalent to 7.8% of gross domestic product.
The ministry said it spent 2.41 trillion roubles ($35.1 billion) from the NWF, a rainy day fund which accumulates oil revenues, to cover the budget deficit in December.
Now nearly 11 months into its war in Ukraine, Russia has been forced to draw on the NWF and borrow heavily at domestic debt auctions in recent months as it diverts more funds towards security and defence.
At Feb. 1 last year, three weeks before the invasion, the fund stood at $174.9 billion or 10.2% of projected GDP.
Finance Minister Anton Siluanov said last week that Russia recorded a budget deficit of 2.3% of GDP last year, having targeted a surplus of 1% before the start of the war.
($1 = 68.6950 roubles)
(Reporting by Reuters)
