In early May, the National Wealth Fund (NWF) held 12.47 trillion rubles, a level representing 8.3% of Russia’s projected GDP for 2023, according to data published by the Ministry of Finance.
As of May 1, 2023, the NWF’s balance stood at 12,475,588.3 million rubles, equivalent to 8.3% of the 2023 GDP under Federal Law No. 466-FZ of December 5, 2022, which governs the federal budget for 2023 and the planning period for 2024 and 2025. This amount translates to about US$154,958.3 million in U.S. dollars.
The liquid assets within the National Welfare Fund were 6.82 trillion rubles as of May 1. This corresponds to roughly US$84 billion, or about 4.6% of the country’s projected GDP for the current year. Liquid assets refer to funds held in accounts with the Bank of Russia and the Ministry of Finance, as clarified in a Ministry of Finance assessment.
A deputy head of the Ministry of Finance indicated that the euro could be removed from the set of Federal Budget assets by the end of 2023, with transactions in euros and U.S. dollars described as off the market. The central message emphasizes potential shifts in currency composition within public asset holdings and ongoing discussions about the role of foreign currencies in portfolio policies.