The volume of Russia's National Welfare Fund (FNBF) decreased by…
The volume of Russia's National Welfare Fund (FNBF) decreased by 383.3 billion rubles in July to 12.72 trillion rubles, or 5.4% of GDP, according to data from the Ministry of Finance. The fund's liquid assets reached 3.693 trillion rubles, and it increased its gold holdings while slightly reducing yuan holdings, with funds also allocated to domestic infrastructure projects and converted into gold and yuan.
Consensus
- The volume of the National Welfare Fund (FNBF) on August 1 was 12.72 trillion rubles.
- The FNBF decreased by 383.3 billion rubels in July.
- The fund's liquid assets at the beginning of August amounted to 3.693 trillion rubles.
- In July, 1.632 billion rubles were converted into 158.9 kg of gold in unallocated form.
- In July, 529.7 million rubles were converted into 47.1 million Chinese yuan.
- The volume of Chinese yuan in the FNBF decreased slightly from 189.8 billion to 189.68 billion rubles.
- The volume of gold in the FNBF increased from 141.1 tons to 141.242 tons.
- Income from fund placements in July was transferred to the federal budget.
- The fund's share of GDP was 5.4% as of August 1.
Points of divergence
- Minister of Finance Anton Siluanov stated in early July that external market conditions allow transitioning to accumulation of funds in the FNBF, and that 15 trillion rubles were spent from the fund since 2022. — kommersant
- The fund's liquid part reached 3.69 trillion rubles, or 1.6% of projected GDP, and included 1.32 trillion rubles in deposits and subordinated deposits at VEB.RF. — vedomosti
- The fund held $3 billion in foreign government debt obligations. — vedomosti
- In July, the fund's placements included 2.32 billion rubles in GTLK bonds and 773.9 million rubles in a VEB.RF deposit. — vedomosti
- The fund received over 2.4 billion rubles from partial repayment of obligations by issuers of previously purchased bonds, and VEB.RF returned part of the funds early. — vedomosti
- 100 thousand rubles were transferred to the federal budget for pension accumulation purposes. — interfax
- The total income from fund placements in foreign currency accounts at the Central Bank from December 15, 2025, to July 31, 2026, amounted to $62.2 million (4.966 billion rubles). — interfax
- The net exchange difference and revaluation of assets in July amounted to 67.218 billion rubles, with a positive revaluation in foreign currency (125.777 billion rubles), negative in gold (-73.111 billion rubles), and positive in Ukrainian eurobonds (4.892 billion rubles). — interfax
- Total income from fund placements in permitted financial assets in 2026 amounted to 95.62 billion rubles ($1.235 billion). — interfax
- The fund's income from placements in July was 95.6 billion rubles. — vedomosti
- The fund's income from placements since January 1, 2026, was 95.6 billion rubles. — vedomosti
- The fund's income from placements at VEB.RF in July was 3.591 billion rubles. — interfax
Coverage (3 sources)
- The volume of the Russian National Wealth Fund decreased in July to 1.272 trillion rubles — Коммерсантъ
- Volume of the National Welfare Fund of the Russian Federation amounted to 12.72 trillion rubles — Ведомости
- FNB decreased by 383.3 billion rubles in July, to 12.72 trillion rubles — Интерфакс