FNB

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The ФНБ (Фонд национального благосостояния) is a state fund used for stabilizing the ruble through currency operations and investment in financial assets. Since 2022, its role has shifted significantly: the mechanism of mirror operations was reduced, liquidity declined sharply, and the fund increasingly serves as a source for financing budget deficits outside the budget rule. In 2025, funds from ФНБ were not used to cover deficit beyond the budget rule; in the first half of 2026, net investment amounted to 74.8 billion rubles.

Recent coverage

• FNB to allocate additional funds for aviation industry support — Интерфакс
• Putin approved recapitalization of Il-114 production from the Federal Budget Fund. — РИА Новости (Telegram)
• FNB funds will be allocated for preferential leasing of eight Il-114-300 aircraft — Интерфакс
• Dollar rate. Forecast for July 6-10 — Коммерсантъ
• Is Russia burdened by a resource curse? And why do countries with rich raw material reserves often suffer from 'Dutch disease'? — Meduza
• What happened in a day: Friday, July 3 — Интерфакс
• Central Bank Officials Name Consequences for the Ruble from Planned Reduction in Base Oil Price in Budget Rule — Интерфакс
• Volume of the National Pension Fund grew by 148.9 billion rubles in June — Ведомости
• Ministry of Finance to reduce purchases of foreign currency and gold starting July 7 — Ведомости
• Ruble sharply fell alongside the yuan in the last trading session of June — Интерфакс
• Ruble noticeably strengthened against the yuan on Moscow Exchange — Интерфакс
• The Central Bank of Russia will cut foreign currency sales by eight times in the second half of 2026 — Вечерняя Москва
• Central Bank to cut foreign currency sales outside the budget rule by eight times — Коммерсантъ
• Central Bank to Buy $9.34 Billion in Foreign Currency Daily from July 1 to 6 — Ведомости
• Central Bank to cut foreign currency sales by eight times, excluding budget rule — Москва 24
• Dollar Exchange Rate. Forecast for June 29 – July 3 — Коммерсантъ
• The 2035 Aviation Industry Development Program's Leasing Component Will Require Over 1.5 Trillion Rubles — Интерфакс
• Dollar Exchange Rate. Forecast for June 15-19 — Коммерсантъ