Russia Will Not Replenish National Wealth Fund In 2023 If Oil Below $70 - Finance Minister

MOSCOW (UrduPoint News / Sputnik - 25th December, 2022) The Russian Foreign Ministry has no intention to replenish the country's National Wealth Fund (NWF) in 2023 if the oil price is below $70 per barrel and in the event of a "very low" price it will increase borrowings or use the fund's assets, the head of the ministry, Anton Siluanov, said on Sunday.

"I have already said that we are trying to be less dependent on price or some other factors affecting budget revenues, so we have set a price of $70 per barrel for the next year.

If it is lower, we have a certain margin of stability, since at $70 per barrel we plan to send a certain level of income to the NWF that is a little less than one trillion rubles ($14.2 billion). If the price is lower, therefore, we will not replenish the NWF," Siluanov told Saudi Arabia's broadcaster Asharq news.

The finance ministry "may even borrow additionally either on the market or use the resources of the NWF" if the price will be "very low," Siluanov added.