Russian Ministry of Finance announces complete depletion and liquidation of Reserve Fund

In an official press release, The Russian Ministry of Finance has stated that that Russia’s Reserve Fund was completely depleted in December 2017, and will cease to exist beginning February 1, 2018.

"In December 2017 ... the balance of the Reserve Fund in foreign currency on accounts with the Bank of Russia ($7.62 billion, 6.71 billion euros and 1.10 billion pounds sterling) was fully used to cover the deficit of the federal budget," the report said.

As follows from the Russian agency’s report, the Reserve Fund has generated zero balances as a result, and the fund will cease to exist beginning February 1, 2018.

It was previously reported that after the liquidation of the Reserve Fund, all additional revenue of the Russian budget would be channeled to the National Welfare Fund. Both funds were formed nine years ago as a result of the separation of the Stabilization Fund.

  Russia, Reserve Fund of Russia