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Sovereign Wealth Funds Briefing - Categorized | Financials, Trends

Weak oil prices deplete Russia’s sovereign-wealth fund

Posted on 28 October 2015

Russia is running out of emergency funds. The country, which has been relying on its sovereign-wealth fund to plug gaps in its budget deficit, said its Reserve Fund is likely to be depleted in 2016. The news is another blow to an economy reeling from weak oil prices and Western-led sanctions in connection with fighting in Ukraine.
“Our reserves volume will decrease by approximately 2.6 trillion rubles ($40.85 billion) — more than half. This means that 2016 is the last year when we are able to spend our reserves that way. After that we will not have such resources,” Russian Finance Minister Anton Siluanov told Tass, the government-owned news agency………………………………………..Full Article: Source


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