Wednesday 1 July 2009

Russia's Oil Wealth Funds Down To RUB5.771 Trillion July 1

Russia's Oil Wealth Funds Down To RUB5.771 Trillion July 1


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:

-By Lidia Kelly, Dow Jones Newswires; +7 495 937 8445;

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(END) Dow Jones Newswires

July 01, 2009 08:00 ET (12:00 GMT)

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