Russia to replenish National Wealth Fund by 1.3-1.4 trln rubles in 2024 - Finance Minister

MOSCOW. Nov 21 (Interfax) - Russian Finance Minister Anton Siluanov expects the country's National Wealth Fund (NWF) to be replenished by approximately 1.3-1.4 trillion rubles in 2024.

"We will replenish the National Wealth Fund by approximately 1.3 to 1.4 trillion rubles this year. This is a good asset for our financial reserve, a safety net, as we always say, for fulfilling budget obligations. We will fulfill all our plans, the budget will be fulfilled, regardless of price fluctuations," Siluanov said during an interview with Nailya Asker-zade on Rossiya 24 TV.

The replenishment will be achieved thanks to additional income received from the oil and gas sector in 2024, which will be paid into the fund in 2025 in line with existing procedure.

Replenishment of the NWF in 2025 was previously estimated at 1.639 trillion rubles in materials for the draft federal budget for 2025-2027, with 1.559 trillion rubles coming from the oil and gas sector. The level of replenishment matches the additional oil and gas income seen in previous years. The Finance Ministry estimates this to be 1.559 trillion rubles in 2024. It is assumed that differences in the exchange rate will increase the amount by 80.1 billion rubles in 2025.

A total of 600 million rubles from the fund is expected to be used in 2025. Use of the fund in subsequent years is not foreseen.

The Finance Ministry estimates that the NWF will total 11.055 trillion rubles or 5.6% of GDP by the end of 2024. It will stand at 12.883 trillion rubles or 6% of GDP in 2025.

The NWF fell 61 billion rubles to 12.726 trillion rubles or 6.6% of GDP in October. Liquid assets amounted to the equivalent of 5.447 trillion rubles or $56.126 billion as of November 1, which is 2.8% of GDP.