Russia sees surging oil and gas revenues helping to replenish its National Wellbeing Fund in the next three years, even as it plans massive hikes in defense spending for its war in Ukraine and wrestles with a price cap on crude sales imposed by Kyiv’s allies.
Draft budget documents seen by Bloomberg News show the government expects the wealth fund to increase by 40% over the next three years, exceeding its pre-war level by 2026 when it’s forecast to contain 14.9 trillion rubles . Additional revenue from oil and gas sales is predicted at 334 billion rubles in 2024 and then seen rising to 1.8 trillion rubles in each of the following two years, according to the documents.
The Finance Ministry has already started to replenish the sovereign fund, resuming foreign currency purchases since August as the recovery in monthly revenues from oil and gas exports brought them above the target set in the budget. In September, foreign currency purchases rose to 276 billion rubles from 40.5 billion rubles a month earlier.Russia’s government expects the average price of its crude to reach $71.
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