Russia's reserves have decreased threefold, but there is a nuance
What is known about the state of Russia's reserves?
The National Bank of Ukraine draws attention to the fact that for several years in a row, the surplus Russian budget has been steadily decreasing.
A few months ago, the forecast for the size of this deficit for 2025 was increased to 1.7% of GDP (from 0.5% of GDP), primarily due to a decrease in oil and gas revenues.
To ensure budget financing in 2022-2023, Russia has significantly depleted important macroeconomic reserves, which has limited its policy space in the coming years, the regulator emphasizes.
The aggressor country Russia cannot ignore the fact that the liquid part of the National Welfare Fund has decreased threefold since 2022 — by 66%.
As of April 1, 2025, its size was 3.3 trillion rubles or $38.5 billion.
In addition, it is noted that it primarily consisted of assets in yuan (58%) and gold (42%).
This year, dictator Putin's team intends to take another 447 billion rubles ($5.1 billion) from the National Welfare Fund, or about 14% of its liquid assets, to finance the budget deficit caused by the war and low energy prices.
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