Russia's Oil Wealth Funds Down To RUB5.771 Trillion July 1
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MOSCOW (Dow Jones)--Russia's two oil-wealth funds fell to 5.771 trillion rubles ($185.04 billion) in June from RUB5.911 trillion a month earlier, the Finance Ministry said Wednesday.
Assets in Russia's Reserve Fund were RUB2.958 trillion as of July 1, while the National Welfare Fund was RUB2.814 trillion.
Russia officially split its Stabilization Fund into two separate entities Feb. 1.
The Reserve Fund accumulates oil and gas windfall revenue and its assets might be used to finance budget shortfalls or to repay debt, if necessary. The National Welfare Fund supports the country's pension system.
The Reserve Fund can't exceed 10% of the country's gross domestic product, with anything above that limit transferred to the National Welfare Fund.
Ministry Web site: www.minfin.ru
-By Lidia Kelly, Dow Jones Newswires; +7 495 937 8445; lidia.kelly@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=kO8CanuSLXtXGr9ppgBt7Q%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
July 01, 2009 08:00 ET (12:00 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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MOSCOW (Dow Jones)--Russia's two oil-wealth funds fell to 5.771 trillion rubles ($185.04 billion) in June from RUB5.911 trillion a month earlier, the Finance Ministry said Wednesday.
Assets in Russia's Reserve Fund were RUB2.958 trillion as of July 1, while the National Welfare Fund was RUB2.814 trillion.
Russia officially split its Stabilization Fund into two separate entities Feb. 1.
The Reserve Fund accumulates oil and gas windfall revenue and its assets might be used to finance budget shortfalls or to repay debt, if necessary. The National Welfare Fund supports the country's pension system.
The Reserve Fund can't exceed 10% of the country's gross domestic product, with anything above that limit transferred to the National Welfare Fund.
Ministry Web site: www.minfin.ru
-By Lidia Kelly, Dow Jones Newswires; +7 495 937 8445; lidia.kelly@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=kO8CanuSLXtXGr9ppgBt7Q%3D%3D. You can use this link on the day this article is published and the following day.
(END) Dow Jones Newswires
July 01, 2009 08:00 ET (12:00 GMT)
Copyright 2009 Dow Jones & Company, Inc.
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