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Stabilization Fund of the Russian Federation

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on the Fund's accumulation, spending and balance and reports quarterly and annually to the Government on accumulation, investment and spending of the Fund's capital. The Government reported quarterly and annually on the Fund's accumulation, spending and investment of capital to both chambers of the
363:'s budget address of March 2007 and passed in April 2007, in February 2008 the Stabilization Fund was supposed to be split into a Reserve Fund, to be invested abroad in low-yield securities and used when oil and gas incomes fall, and a Future Generations' Fund (later renamed the 519:
Allocation to the Federal Treasury's accounts with the Bank of Russia in foreign currency, with the total return of these accounts based on indices composed of eligible foreign debt securities and defined by the Ministry of Finance.
367:), which will invest in riskier, higher return vehicles, as well as federal budget expenditures. Unlike the Stabilization Fund, the new funds will also accumulate revenues from oil products and natural gas. 500:
The Ministry of Finance was empowered by the Government to establish the Fund's currency composition and its strategic asset allocation in line with the investment policy for the Fund's management.
111:", which invests in riskier, higher-return vehicles, as well as federal budget expenditures. The Reserve Fund was given $ 125 billion and the National Welfare Fund was given $ 32 billion. 1907: 497:
Concerning the Fund's objectives, its capital was to be invested in foreign sovereign debt securities. Securities' eligibility criteria are subject to the Government's approval.
1902: 1058: 898: 1818: 1309: 847: 875: 356: 2028: 1706: 397:
The Fund accumulated revenues from the export duty for oil and the tax on oil mining operations when the price for Urals oil exceeds the set cut-off price.
382:, which had fallen since the beginning of the year, instead of foreign securities, which previously had been explicitly forbidden due to fear of inflation. 1304: 837: 2302: 1314: 1243: 924: 2307: 1741: 490:, in accordance with the procedure defined by the Government of the Russian Federation. Some functions of asset management may be delegated to the 1839: 1319: 1253: 666:
Currency composition and the maturity restrictions are applicable to all Fund's assets and were subject to revisions by the Ministry of Finance.
1981: 763: 2023: 1248: 812: 2006: 1991: 1751: 929: 829: 1634: 1622: 1610: 1598: 1586: 1299: 1273: 883: 1876: 1746: 1721: 1524: 1294: 870: 534:
The Government determined that eligible debt securities for the Fund investment were to correspond to the following requirements.
526:
The Fund assets were invested solely under second scheme (allocation to the Federal Treasury's accounts with the Bank of Russia).
1996: 842: 630:
Debt securities on the date of purchase will have a minimum remaining maturity of 0,25 years and are not to exceed three years.
1813: 1791: 503:
The Ministry of Finance could use one or both of the following schemes defined by the Government to invest the Fund's capital.
491: 2016: 1971: 1694: 1684: 1553: 1128: 1043: 89: 459:(VEB) for loans provided to the Ministry of Finance in 1998-1999 for servicing the state foreign debt of Russian Federation 1959: 1932: 1927: 1736: 1726: 1699: 1689: 1679: 1238: 1573: 1377: 1289: 419:
repayments as well as to cover Russian Pension Fund's deficit. The details of these transactions in 2005 are as follows:
72:
The rainy-day Stabilization Fund was used to buffer the national budget, which is strongly tied to the price of crude oil
415:
As the capital of the Fund had exceeded the level of 500 billion rubles in 2005, part of its surplus was used for early
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urged the government to pump surplus oil revenue into domestic stocks by buying Russian blue chips such as
364: 108: 104: 2001: 1668: 1408: 1392: 1382: 1151: 1028: 852: 434: 2376: 2185: 1849: 1481: 1329: 1038: 994: 987: 967: 904: 798: 597:
Minimum amount outstanding of a candidate security: 1 billion US dollars, 1 billion euro, 500 million
581:
at AAA/Aaa level (highest investment grade) from at least two of the following three rating agencies:
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In February 2008 the SFRF was split into a "Reserve Fund", which was invested abroad in low-
2114: 1922: 1917: 1786: 1342: 1085: 54: 8: 2262: 2190: 1976: 1861: 1716: 1547: 1118: 2065: 1939: 1844: 1263: 1146: 999: 680: 753:
Putin wants oil revenue to go into Russian stock market - International Herald Tribune
2226: 2220: 1761: 1756: 1197: 1166: 1004: 821: 700: 85: 68: 2179: 2168: 2059: 1438: 1428: 779: 732:, Globalization 101, a project of SUNY LEVIN Institute, retrieved on 6 August 2012. 26: 2337: 2321: 2108: 2053: 1866: 1233: 675: 607: 569: 100: 2244: 2102: 2084: 1533: 957: 598: 408:, spending amounts are subject to the federal budget law for the corresponding 401: 371: 360: 784: 764:
Statistics on the National Debt in Russia in relation to GDP from 2002 to 2012
2365: 2330: 2215: 2210: 2120: 2035: 1986: 1653: 1186: 1182: 590: 578: 405: 133: 416: 2126: 2096: 2076: 553: 409: 2233: 2205: 2090: 684: 549: 445: 2239: 2163: 561: 127: 81: 77: 62: 790: 634:
The Fund assets were invested in the following currency composition:
494:("the Bank of Russia"), based on its agreement with the Government. 1711: 560:, Spain, the United Kingdom, and the United States, denominated in 557: 65:
falls below a cut-off price, currently set at US$ 27 per barrel.
1502: 541: 444:
First debt repayment installment to the countries-members of the
379: 375: 514:
Investment in eligible foreign fixed income securities directly
2249: 545: 509:
Schemes defined by the Government to invest the Fund's capital
88:
from volatility of raw material export earnings (for example
848:
Economy of the Russian Empire after the abolition of serfdom
400:
The capital of the Fund was to be used to cover the federal
114:
By 2017 the Reserve Fund was exhausted and ceased to exist.
565: 404:
and for other purposes, if its balance exceeds 500 billion
674:
The Ministry of Finance published a monthly report in
40: 61:to balance the federal budget at the time of when 2363: 392: 766:, World Economic Outlook Database, April 2012. 1518: 806: 614:Securities shall have no call or put options 540:Fixed income securities of Austria, Belgium, 76:The Fund was created to create a reserve of 23:Stabilization fund of the Russian Federation 1992:Prelude to the Russian invasion of Ukraine 1525: 1511: 1059:Tractor, timber and agricultural machinery 813: 799: 42:Stabilizatsionny fond Rossiyskoy Federatsi 31:Стабилизационный фонд Российской Федерации 1244:Federal Compulsory Medical Insurance Fund 467:Transferred to the Russian Pension Fund. 16:Russian sovereign wealth fund (2004–2008) 529: 80:with the additional benefit of reducing 67: 2123:(alleged mother of more Putin children) 843:Industrialization in the Russian Empire 481: 2364: 492:Central Bank of the Russian Federation 92:), which was among the reasons of the 1972:Strategic Offensive Reductions Treaty 1506: 1320:Federal subjects by unemployment rate 820: 794: 2117:(alleged mother of another daughter) 1487: 476: 57:on 1 January 2004, as a part of the 1290:Natural resources of Primorsky Krai 723: 619:Fixed coupon type if a coupon bond 13: 2017:2024 Vladimir Putin visit to China 1792:2020–2021 Khabarovsk Krai protests 1532: 1305:Federal subjects by GDP per capita 14: 2398: 1249:Pension and Social Insurance Fund 930:Russia–Saudi Arabia oil price war 773: 2346: 2345: 1486: 1477: 1476: 920:Medvedev modernisation programme 385:The SFRF had trouble during the 2154:Chapel of Russia's Resurrection 2146:Direct Line with Vladimir Putin 2012:2023 Xi Jinping visit to Russia 1217:SWIFT ban against Russian banks 925:Impact of the COVID-19 pandemic 742:International Spotlight: Russia 2303:Claims of incapacity and death 757: 746: 735: 577:Issuer shall have a long-term 1: 2308:Interview with Tucker Carlson 1787:2019 Moscow election protests 716: 118:Aggregate amount of the SFRF 94:1998 Russian financial crisis 1239:National Card Payment System 882:Monetary reforms in Russia ( 669: 572:(sovereign debt securities) 486:The Fund was managed by the 433:Early debt repayment to the 421: 393:Accumulation and expenditure 116: 84:pressure and insulating the 7: 2257:Medvedev–Putin tandemocracy 2007:2022 annexations in Ukraine 1965:Russia–Ukraine gas disputes 1315:Federal subjects by poverty 1129:Vehicle registration plates 1044:Rolling stock manufacturers 730:Russia's Stabilization Fund 694: 488:Russian Ministry of Finance 435:International Monetary Fund 355:According to amendments to 41: 10: 2403: 2186:Happy Birthday, Mr. Putin! 1877:2014–2016 financial crisis 905:National Priority Projects 656: 648: 640: 624:Not for private placement 370:On 21 May 2007, President 350: 337: 326: 315: 304: 293: 282: 271: 260: 249: 238: 227: 216: 205: 194: 183: 172: 161: 150: 139: 2316: 2136: 2044: 1982:2014 annexation of Crimea 1890: 1832: 1667: 1659:All-Russia People's Front 1566: 1550:(2000–2008; 2012–present) 1540: 1472: 1401: 1328: 1282: 1175: 1139: 1106: 1018: 940: 915:Great Recession in Russia 828: 583:Moody's Investors Service 387:Great Recession in Russia 103:securities and used when 30: 1840:Legislation and programs 1747:Donetsk and Luhansk 2022 1557:Prime Minister of Russia 1464:Types of business entity 1295:Federal districts by GDP 711:Federal budget of Russia 1997:December 2021 ultimatum 1940:2008 Russo-Georgian war 1578:Presidential elections 1454:Exclusive economic zone 1444:Social entrepreneurship 1310:Federal subjects by HDI 1300:Federal subjects by GRP 1076:Pharmaceutical industry 49:established based on a 2387:Sovereign wealth funds 2298:Claims of body doubles 2087:(paternal grandfather) 1960:European energy sector 1914:United States summits 1824:Wagner Group rebellion 1807:2022 anti-war protests 1802:2021 election protests 1777:2014 anti-war protests 1559:(1999–2000, 2008–2012) 1449:Social security system 1210:Central Bank of Russia 1157:Information technology 1098:Science and technology 706:Central Bank of Russia 359:inspired by President 90:the price of crude oil 73: 2201:Grandpa in his bunker 2099:(son of first cousin) 2029:military intervention 1742:Federal Assembly 2020 1254:Social Insurance Fund 689:Council of Federation 530:Investment Guidelines 109:National Welfare Fund 71: 47:sovereign wealth fund 2372:Government of Russia 2115:Svetlana Krivonogikh 1944:North Korea summits 1899:International trips 1567:Political activities 838:Droughts and famines 606:Securities shall be 482:Governance Structure 425:Transactions in 2005 365:National Wealth Fund 357:Russia's budget code 55:Government of Russia 2263:Putin: The New Tsar 2191:Vladimir Putin Peak 2111:(former son-in-law) 2105:(former son-in-law) 1977:Russo-Ukrainian War 1872:2008–2009 recession 1862:Managed nationalism 1717:Sovereign democracy 1548:President of Russia 1378:Central Black Earth 587:Standard and Poor's 544:, France, Germany, 119: 105:oil and gas incomes 2066:Katerina Tikhonova 1855:stabilization fund 1845:national champions 1283:Regional economies 1114:Telecommunications 1071:Petroleum industry 910:Stabilization Fund 681:Russian Parliament 548:, Ireland, Italy, 117: 74: 2377:Economy of Russia 2359: 2358: 2338:Dmitry Medvedev → 2322:← Dmitry Medvedev 2227:Putin. Corruption 1882:2022 mobilization 1850:priority projects 1574:Electoral history 1500: 1499: 1220: 1212: 1205: 1152:Grocery retailing 1081:Chemical industry 941:Natural resources 862:Financial crises 822:Economy of Russia 701:Banking in Russia 664: 663: 628: 627: 524: 523: 477:Investment Policy 474: 473: 348: 347: 86:economy of Russia 39: 2394: 2382:Energy in Russia 2349: 2348: 2180:A man like Putin 2169:Walking Together 2129:(alleged mother) 2060:Maria Vorontsova 2024:Syrian civil war 1707:Political groups 1527: 1520: 1513: 1504: 1503: 1490: 1489: 1480: 1479: 1429:Russian oligarch 1330:Economic regions 1229:Federal Treasury 1215: 1208: 1200: 988:Renewable energy 968:Geothermal power 815: 808: 801: 792: 791: 780:Official website 767: 761: 755: 750: 744: 739: 733: 727: 638: 637: 537: 536: 506: 505: 422: 120: 44: 34: 32: 2402: 2401: 2397: 2396: 2395: 2393: 2392: 2391: 2362: 2361: 2360: 2355: 2331:← Boris Yeltsin 2312: 2132: 2109:Kirill Shamalov 2054:Lyudmila Putina 2040: 1886: 1833:Domestic policy 1828: 1663: 1562: 1536: 1531: 1501: 1496: 1468: 1397: 1324: 1278: 1234:Moscow Exchange 1193:Account Chamber 1171: 1135: 1102: 1014: 936: 824: 819: 776: 771: 770: 762: 758: 751: 747: 740: 736: 728: 724: 719: 697: 672: 608:Bullet strategy 570:pounds sterling 532: 484: 479: 457:Vnesheconombank 395: 353: 107:fall, and the " 17: 12: 11: 5: 2400: 2390: 2389: 2384: 2379: 2374: 2357: 2356: 2354: 2353: 2342: 2341: 2334: 2326: 2325: 2317: 2314: 2313: 2311: 2310: 2305: 2300: 2295: 2290: 2285: 2280: 2277:Putin's Palace 2273: 2270:Spitting Image 2266: 2259: 2254: 2253: 2252: 2247: 2245:Putinversteher 2242: 2237: 2230: 2223: 2221:Putin's Palace 2218: 2213: 2208: 2203: 2195: 2194: 2193: 2188: 2183: 2173: 2172: 2171: 2166: 2161: 2156: 2148: 2142: 2140: 2134: 2133: 2131: 2130: 2124: 2118: 2112: 2106: 2103:Jorrit Faassen 2100: 2094: 2093:(first cousin) 2088: 2085:Spiridon Putin 2082: 2081: 2080: 2069: 2063: 2057: 2050: 2048: 2042: 2041: 2039: 2038: 2033: 2032: 2031: 2021: 2020: 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1929: 1928:Helsinki 2018 1926: 1924: 1923:Slovakia 2005 1921: 1919: 1918:Slovenia 2001 1916: 1915: 1913: 1909: 1906: 1904: 1901: 1900: 1898: 1897: 1895: 1893: 1889: 1883: 1880: 1878: 1875: 1873: 1870: 1868: 1865: 1863: 1860: 1856: 1853: 1851: 1848: 1846: 1843: 1842: 1841: 1838: 1837: 1835: 1831: 1825: 1822: 1820: 1817: 1815: 1812: 1808: 1805: 1803: 1800: 1798: 1795: 1793: 1790: 1788: 1785: 1783: 1780: 1778: 1775: 1773: 1770: 1769: 1767: 1763: 1760: 1758: 1755: 1753: 1750: 1748: 1745: 1743: 1740: 1738: 1735: 1733: 1730: 1728: 1725: 1724: 1723: 1720: 1718: 1715: 1713: 1710: 1708: 1705: 1701: 1698: 1696: 1693: 1691: 1688: 1686: 1683: 1681: 1678: 1677: 1675: 1674: 1672: 1670: 1666: 1660: 1657: 1655: 1654:United Russia 1652: 1650: 1647: 1645: 1644:First Cabinet 1642: 1636: 1633: 1632: 1631: 1628: 1624: 1621: 1620: 1619: 1616: 1612: 1609: 1608: 1607: 1604: 1600: 1597: 1596: 1595: 1592: 1588: 1585: 1584: 1583: 1580: 1579: 1577: 1575: 1572: 1571: 1569: 1565: 1558: 1555: 1552: 1549: 1546: 1543: 1542: 1539: 1535: 1528: 1523: 1521: 1516: 1514: 1509: 1508: 1505: 1493: 1485: 1483: 1475: 1474: 1471: 1465: 1462: 1460: 1457: 1455: 1452: 1450: 1447: 1445: 1442: 1440: 1437: 1435: 1432: 1430: 1427: 1425: 1422: 1419: 1415: 1412: 1410: 1407: 1406: 1404: 1400: 1394: 1391: 1389: 1386: 1384: 1381: 1379: 1376: 1374: 1371: 1369: 1366: 1364: 1363:East Siberian 1361: 1359: 1358:West Siberian 1356: 1354: 1351: 1349: 1346: 1344: 1341: 1339: 1336: 1335: 1333: 1331: 1327: 1321: 1318: 1316: 1313: 1311: 1308: 1306: 1303: 1301: 1298: 1296: 1293: 1291: 1288: 1287: 1285: 1281: 1275: 1272: 1270: 1269:Excise stamps 1267: 1265: 1262: 1260: 1257: 1255: 1252: 1250: 1247: 1245: 1242: 1240: 1237: 1235: 1232: 1230: 1227: 1225: 1222: 1218: 1214: 1211: 1207: 1204: 1199: 1196: 1194: 1191: 1188: 1187:Digital ruble 1184: 1183:Russian ruble 1181: 1180: 1178: 1174: 1168: 1165: 1163: 1160: 1158: 1155: 1153: 1150: 1148: 1145: 1144: 1142: 1138: 1130: 1127: 1125: 1122: 1121: 1120: 1117: 1115: 1112: 1111: 1109: 1105: 1099: 1096: 1092: 1091:Pipe Industry 1089: 1088: 1087: 1084: 1082: 1079: 1077: 1074: 1072: 1069: 1067: 1066:Food industry 1064: 1060: 1057: 1055: 1052: 1050: 1047: 1045: 1042: 1040: 1037: 1035: 1032: 1030: 1027: 1026: 1024: 1023: 1021: 1017: 1011: 1008: 1006: 1003: 1001: 998: 996: 993: 989: 986: 984: 981: 979: 978:Nuclear power 976: 974: 971: 969: 966: 964: 961: 959: 956: 955: 954: 951: 949: 946: 945: 943: 939: 931: 928: 927: 926: 923: 921: 918: 916: 913: 911: 908: 906: 903: 900: 897: 895: 892: 890: 887: 885: 881: 877: 874: 872: 869: 867: 864: 863: 861: 859: 858:Privatization 856: 854: 851: 849: 846: 844: 841: 839: 836: 835: 833: 831: 827: 823: 816: 811: 809: 804: 802: 797: 796: 793: 786: 785:SWF Institute 783: 781: 778: 777: 765: 760: 754: 749: 743: 738: 731: 726: 722: 712: 709: 707: 704: 702: 699: 698: 692: 690: 686: 682: 677: 667: 659: 655: 651: 647: 643: 639: 636: 635: 631: 623: 622: 618: 617: 613: 612: 609: 605: 604: 601:respectively 600: 596: 595: 592: 591:Fitch Ratings 588: 584: 580: 579:credit rating 576: 575: 571: 567: 563: 559: 555: 551: 547: 543: 539: 538: 535: 527: 518: 517: 513: 512: 508: 507: 504: 501: 498: 495: 493: 489: 469: 466: 465: 461: 458: 454: 453: 449: 447: 443: 442: 438: 436: 432: 431: 427: 424: 423: 420: 418: 413: 411: 407: 403: 398: 390: 388: 383: 381: 377: 373: 368: 366: 362: 358: 343: 340: 336: 332: 329: 325: 321: 318: 314: 310: 307: 303: 299: 296: 292: 288: 285: 281: 277: 274: 270: 266: 263: 259: 255: 252: 248: 244: 241: 237: 233: 230: 226: 222: 219: 215: 211: 208: 204: 200: 197: 193: 189: 186: 182: 178: 175: 171: 167: 164: 160: 156: 153: 149: 145: 142: 138: 135: 131: 129: 125: 122: 121: 115: 112: 110: 106: 102: 97: 95: 91: 87: 83: 79: 70: 66: 64: 60: 56: 52: 48: 43: 37: 28: 24: 19: 2336: 2329: 2320: 2275: 2268: 2261: 2232: 2225: 2138:Public image 2079:(family dog) 1867:Putin's Plan 1854: 1752:Ukraine 2022 1434:Homelessness 1424:Trade unions 1373:Northwestern 1368:Volga-Vyatka 1274:Billionaires 1259:Stock market 1049:Shipbuilding 1025:Engineering 983:Oil reserves 909: 853:Soviet Union 787:Russia's SWF 759: 748: 737: 725: 673: 665: 633: 632: 629: 533: 525: 502: 499: 496: 485: 428:billion USD 417:foreign debt 414: 399: 396: 384: 369: 354: 113: 98: 82:inflationary 75: 22: 20: 18: 2127:Vera Putina 2097:Roman Putin 1933:Geneva 2021 1762:Moscow 2023 1757:Moscow 2022 1737:Valdai 2014 1732:Crimea 2014 1727:Munich 2007 1545:2nd and 4th 1393:Kaliningrad 1383:Far Eastern 973:Natural gas 963:Electricity 948:Agriculture 554:Netherlands 410:fiscal year 132:in Billion 126:in Billion 2366:Categories 2234:Putin. War 2206:NTV affair 2197:Criticism 2150:Followers 2091:Igor Putin 2068:(daughter) 2062:(daughter) 1814:Opposition 1669:Presidency 1086:Metallurgy 1034:Automotive 717:References 685:State Duma 676:mass media 641:US dollars 562:US dollars 550:Luxembourg 446:Paris Club 338:01.08.2006 327:01.09.2006 316:01.10.2006 305:01.11.2006 294:01.12.2006 283:01.01.2007 272:01.02.2007 261:01.03.2007 250:01.04.2007 239:01.05.2007 228:01.06.2007 217:01.07.2007 206:01.08.2007 195:01.09.2007 184:01.10.2007 173:01.11.2007 162:01.12.2007 151:01.01.2008 140:01.30.2008 128:US dollars 51:resolution 2240:Putinland 2175:Tributes 2164:PutinTeam 1903:President 1782:2017–2018 1772:2011–2013 1768:Protests 1409:Companies 1119:Transport 871:2014–2017 670:Reporting 657:GB pounds 344:2,207.33 333:1,730.64 322:1,894.09 311:2,049.30 300:2,189.52 289:2,346.92 278:2,647.21 267:2,708.85 256:2,812.21 245:2,920.50 234:3,026.68 223:3,141.35 212:3,263.56 201:3,409.07 190:3,519.09 179:3,649.25 168:3,517.05 157:3,849.11 78:liquidity 63:oil price 36:romanized 2351:Category 2288:Language 1722:Speeches 1712:Putinism 1635:campaign 1623:campaign 1611:campaign 1599:campaign 1587:campaign 1482:Category 1388:Northern 1264:Taxation 1147:Gambling 1140:Services 1029:Aircraft 1019:Industry 695:See also 558:Portugal 455:Paid to 45:) was a 1492:Commons 1414:Exports 1338:Central 1198:Banking 1176:Finance 1167:Tourism 1039:Defence 1005:Hunting 995:Fishery 830:History 542:Finland 380:Rosneft 376:Gazprom 351:History 53:of the 38::  27:Russian 25:(SFRF, 2250:Putler 2046:Family 1695:fourth 1685:second 1439:Income 1010:Mining 1000:Timber 953:Energy 546:Greece 406:rubles 264:103.55 253:108.11 242:113.70 231:116.85 220:121.68 209:127.48 198:132.91 187:141.05 176:147.60 165:144.43 154:156.81 146:3,852 134:rubles 2293:Jokes 2159:Nashi 2077:Konni 1700:fifth 1690:third 1680:first 1418:grain 1402:Other 1353:Volga 1203:Banks 470:1.04 439:3.33 341:82.14 330:64.73 319:70.73 308:76.62 297:83.21 286:89.13 275:99.77 101:yield 2072:Pets 1953:2023 1948:2019 1797:2021 1630:2024 1618:2018 1606:2012 1594:2004 1582:2000 1554:33rd 1343:Ural 1124:Rail 958:Coal 899:2022 894:1998 889:1993 884:1991 876:2022 866:1998 687:and 660:10% 652:45% 649:Euro 644:45% 566:euro 462:4.3 378:and 123:Date 21:The 691:). 599:STG 450:15 143:157 2368:: 589:, 585:, 568:, 564:, 556:, 552:, 412:. 389:. 96:. 33:, 29:: 2182:" 2178:" 1526:e 1519:t 1512:v 1420:) 1416:( 1219:) 1201:( 1189:) 1185:( 901:) 814:e 807:t 800:v 683:(

Index

Russian
romanized
sovereign wealth fund
resolution
Government of Russia
federal budget
oil price

liquidity
inflationary
economy of Russia
the price of crude oil
1998 Russian financial crisis
yield
oil and gas incomes
National Welfare Fund
US dollars
rubles
Russia's budget code
Vladimir Putin
National Wealth Fund
Vladimir Putin
Gazprom
Rosneft
Great Recession in Russia
budget deficit
rubles
fiscal year
foreign debt
International Monetary Fund

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