Russia oil wealth funds drop 40%

Russian oil wealth funds shrank by 40 per cent last year to help the state fill budget gaps, according to data, and talk of investing them beyond currency deposits and state bonds to get higher yields has all but faded.

As of February 1, the Reserve Fund and the National Wealth Fund, stood at 4.56 trillion roubles (Dh491 billion), some 3.26trn roubles, down from a year ago, based on current exchange rates and data provided by the Finance Ministry.

The recession prompted the government to divest securities from the US to Japan's Treasury bonds to aid the blighted economy of the country.

 

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