The share of the euro will be reset to zero in the Russian National Welfare Fund

In 2023, the Ministry of Finance will reset the share of the euro in the National Welfare Fund (NWF) – it will only have gold, rubles and yuan. This was announced by the deputy head of the department Vladimir Kolychev.

The Reserve Fund was formed on February 1, 2008, it is part of the mechanism for providing pensions to Russians and is formed from additional federal budget revenues from the oil and gas complex and income from managing their own funds. Its funds can also be used to cover the budget deficit.

“If the question is whether the euro will be reset to zero, then it will certainly be reset to zero this year,” RIA Novosti quotes a representative of the Ministry of Finance.

Earlier, as Parlamentskaya Gazeta wrote, the Ministry of Finance reported that, according to preliminary estimates, federal budget revenues in January 2023 amounted to 1,356 billion rubles, which is 35 percent lower than revenues for the same period last year.

The ministry noted that oil and gas revenues decreased by 46 percent compared to January 2022 and amounted to 426 billion rubles.

Read also:

• It is planned to allocate 4.25 trillion rubles from the NWF for investment purposes • The amount of the National Wealth Fund amounted to 10.43 trillion rubles • Makarov submitted to the State Duma a draft law on a new type of budget loans for regions

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