The National Welfare Fund of the Russian Federation stood at 13.6 trillion rubles, about 140.1 billion dollars, as of October 1 this year. This level accounts for roughly 9.1% of the country’s projected GDP for 2023, a figure reported by the Ministry of Finance of the Russian Federation. The fund’s size reflects a deliberate accumulation strategy designed to weather economic fluctuations, sustain long-term financial stability, and support state priorities even amid shifting macroeconomic conditions.
Liquid assets within the NWF reached 7.14 trillion rubles, or around 73.3 billion dollars. That liquidity translates to an estimated 4.8% share of Russia’s GDP, illustrating the fund’s capacity to mobilize readily available resources for emergencies, investments, or stabilization measures without immediate disruption to fiscal policy. Between December 15, 2022 and September 30, 2023, the fund earned income from placing funds in foreign currencies, amounting to 98.7 million dollars. The performance of these investments, alongside exchange rate movements and gold revaluation, contributed to the NWF’s assets by 2.33 trillion rubles since the start of the year, underscoring the fund’s exposure to currency and precious metal markets as part of its diversification strategy.
As September ended, statements from the Russian Finance Ministry highlighted the fund’s substantial foreign and domestic holdings. The assets included 4.07 billion euros, 279.77 billion yuan, 508 tons of gold, and 395.9 million rubles. These allocations illustrate how the fund blends international liquidity with domestic reserves to maintain resilience against external shocks while preserving purchasing power over time.
Previously, the ministry indicated that funds from the National Welfare Fund would not be allocated for broad discretionary spending. Instead, they are channeled to finance critical infrastructure, such as high-quality highways, with long-term coverage planned beyond 2024. This approach aligns with a strategy to safeguard fiscal fundamentals while delivering strategic investments that support growth and regional development. [Source: Ministry of Finance of the Russian Federation]