Russia Posts 0.15 Percent Decline in National Welfare Fund
(MENAFN) Russia’s National Welfare Fund reserves declined by 0.15% in July, settling at 13.08 trillion rubles (around $163.1 billion), the Russian Finance Ministry announced on Wednesday.
The ministry also noted that the fund’s value now represents 5.9% of Russia’s gross domestic product (GDP), highlighting its continued significance to the national economy despite the small monthly drop.
The National Welfare Fund’s assets include holdings in gold and Chinese yuan, reflecting Russia’s ongoing efforts to diversify away from traditional Western currencies.
Since 2021, Russia has gradually removed dollar assets from the fund, followed by its pound and yen holdings in 2022, and most recently, euro assets in January 2024. This shift underscores Moscow’s strategy to reduce reliance on Western financial systems amid geopolitical pressures.
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