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Russia’s reserves in National Welfare Fund down by $30.9B

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MOSCOW, RUSSIA - MAY 4: Russian military vehicles move along Tverskaya street during the rehearsal of Victory Day military parade marking the 77th anniversary of the victory over Nazi Germany in World War II, at Red Square in Moscow, Russia on May 4, 2022. (Sefa Karacan - Anadolu Agency)
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May 17, 2022 - 10:39 AM

MOSCOW (AA) – Russia’s total reserves in the National Welfare Fund fell from 13 trillion rubles ($201 billion) to 11 trillion rubles (nearly $170 billion) in May compared to previous month, marking a 15.3% drop, according to a statement by the Russian Finance Ministry on Monday.

The volume corresponds to 8.3% of Russia’s GDP, it said.

Western countries had frozen access to about half of the Russian central bank’s reserves, worth about $630 billion, due to the ongoing Russia-Ukraine war that started on Feb. 24.

Elvira Nabiullina, the head of Russia’s central bank, said on April 21 that the reserves in the National Welfare Fund could be used for investment.

Russia’s total international reserves fell to $593 billion in April, a decrease of $13.3 billion compared to the previous month.

 

* Writing by Aysu Bicer in Ankara.

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