Russia's NWF shrinks by 383.3 bln rubles to 12.72 trln rubles in July, liquid portion 1.6% of GDP
MOSCOW. Aug 10 (Interfax) - Russia's National Wealth Fund (NWF) declined by 383.3 billion rubles in July following growth of 148.9 billion rubles in June, according to data published on the Finance Ministry's website.
The NWF totaled nearly 12.721 trillion rubles on August 1, equivalent to $159.295 billion, or 5.4% of GDP, compared to around 13.104 trillion rubles on July 1, equivalent to $168.53 billion, or 5.6% of GDP.
The fund's liquid assets totaled 3.693 trillion rubles at the beginning of August, equivalent to $46.242 billion, or 1.6% of GDP forecast for 2026, compared to 3.61 trillion rubles at the beginning of July, equivalent to $46.45 billion, or 1.5% of GDP.
A total of 100,000 rubles from the NWF was credited to the federal budget's single account to co-finance the pension accruals of persons who paid additional contributions to funded pensions in July.
NWF funds totaling 1.632 billion rubles were converted into 158.9 kg of unallocated gold and 529.7 million rubles were converted into 47.1 million Chinese yuan in July.
Yuan holdings decreased to CNY 189.68 billion on August 1 from CNY 189.8 billion on July 1, and the volume of unallocated gold rose to 141.242 tonnes from 141.1 tonnes the previous month.
Estimated income from placing NWF funds in foreign currency accounts with the Central Bank of Russia totaled $62.2 million, equivalent to 4.966 billion rubles, from December 15, 2025 to July 31, 2026.
There was a loss of 67.218 billion rubles on exchange rate differences on NWF forex assets and revaluation of its gold investments in the period from January 1 to July 31. This included losses of 125.777 billion rubles on the revaluation of forex, 73.111 billion rubles on the revaluation of gold, 4.892 billion rubles on Ukrainian Eurobonds and 9.66 billion rubles on forex-denominated securities of Russian issuers.
Total estimated income from the placement of NWF funds in foreign currency accounts with the Bank of Russia, converted into dollars, from December 15, 2025 to July 31, 2026, was $1.235 billion, equivalent to 95.62 billion rubles.
The federal budget received 3.591 billion rubles from NWF funds on VEB.RF deposits in July; 1.435 billion rubles from investments in securities of Russian issuers related to the implementation of self-financing infrastructure projects; 166.8 million rubles from NLK Finance bonds; 834.8 million rubles from the securities of other Russian issuers; as well subordinated deposits with VTB - 16.1 million rubles, Sovcombank - 5.1 million rubles, Sberbank - 16.3 million rubles and Gazprombank - 14.4 million rubles. This total is equivalent to $78.1 million.
The NWF held 1.323 trillion rubles in deposits and subordinated deposits at VEB.RF as of August 1; 517.037 billion rubles in the bonds of state company Russian Highways (Avtodor); 250.667 billion rubles in the bonds of NLK Finance; 174.816 billion rubles in the bonds of Avia Capital Services LLC; 149.725 billion rubles in the bonds of PLC Territorial Development Fund; 182.61 billion rubles in the bonds of JSC State Transport Leasing Co (GTLK); 60 billion rubles in the bonds of VK LLC; 503.486 billion rubles in the bonds of state corporation Rostec; 4.05 billion rubles in the bonds of Infrastructure Investments-4 LLC; and 63.7 billion rubles, $1.875 billion and 10 billion yuan in the bonds of other Russian issuers.
It also had $3 billion invested in Ukrainian Eurobonds.
NWF funds are also invested in the preferred shares of Russian Railways (RZD) (722.141 billion rubles), Atomenergoprom (57.5 billion rubles), Gazprombank (194.95 billion rubles) and Russian Agricultural Bank (25 billion rubles); and in ordinary shares of DOM.RF (218.329 billion rubles), PJSC Aeroflot (77.321 billion rubles), GTLK (58.334 billion rubles), Sberbank (3.106 trillion rubles) and VTB (211.52 billion rubles); and subordinated deposits at Gazprombank (204.286 billion rubles), Sberbank (94.423 billion rubles), VTB (293.401 billion rubles) and Sovcombank (29.635 billion rubles).
In July, 2.324 billion rubles were invested in GTLK bonds to finance the Preferential Leasing Program for Civil Water Transport, and 773.9 million rubles were deposited with VEB to finance the project to upgrade the rolling stock of the St. Petersburg Metro.
In July, PLC Territorial Development Fund partially redeemed bonds worth 1.126 billion rubles, NLK-Finance partially redeemed bonds worth 804.7 million rubles and GTLK partially redeemed bonds worth 507.4 million rubles.
In July, VEB prepaid 1 trillion rubles of NWF funds placed in deposits to fund the acquisition and leasing of LCC-1 and LCC-2 carriages for the Moscow Metro and the reconstruction of ground electric transit in Yaroslavl, Perm, Lipetsk, Kursk, and Krasnodar.
