The size, structure and data on the dynamics of the fund are provided from the Ministry of Finance of the Russian Federation (MinFin) in plain text format on a monthly basis. Despite the significant volume of the fund, the data is poorly structured, which makes it difficult to analyze. The main purpose of this repository is to present the RNWF data in a form that is easy to understand and analyze.
The basic regulatory document of the RNWF is Decree #18 from January 19, 2008 of the Government of Russian Federation 'On the Procedure for managing funds of the National Wealth Fund' and 'Requirements to financial assets in which resources of the NWF can be placed.
Since May-June 2024, access to the data of the website of the MinFin became restricted from abroad, access is possible only through VPN (server address - Russia).
All tables and plots are available on russiannationalwelfarefund.streamlit.app
The purpose of the budget rule is to reduce the dependence of the Russian state budget and the ruble exchange rate on fluctuations in oil prices. From February to December 2022, it was suspended, and from January 2023, the authorities restarted the rule with new parameters.
A law to raise the threshold for investment of the fund from 7% to 10% of GDP was written in November 2021, taking into account the likelihood of an energy transition and the uncertainty of future fossil resource consumption. Most investments from the NWF could not be made until its liquid part reached 7% of GDP. As an exception, investments in government securities and shares of Russian companies that are not related to the financing of self-sustaining infrastructure projects. After the level of the fund reaches 7% of GDP, but is not yet close to 10%, these funds can be invested in units of investment funds managed by RDIF (УК «РФПИ») and self-sustaining infrastructure projects in the total amount up to 2.5 trillion rubles, as well as infrastructure projects by decision of the president or the government. All other assets can be invested in only after the liquid part of the NWF exceeds 10%. In February 2023, the State Duma removed the thresholds of 7% and 10% for the liquid assets of the fund. Now, after the abolition of the thresholds, the fund's liquid assets can be invested in any assets even if the liquidity ratio is low and the share .
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The USD 1875.4 mln amount in securities of Russian issuers related to the implementation of self-sustaining infrastructure projects with high probability is the Yamal-LNG project debt. There were two issues of bonds, which were purchased by the MinFin by closed subscription. Reports on the results of the issue could be found here.
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As on November 1, 2024 other Russian issuers received: 28 500 mln RUB and 9 000 mln CNY. The exact company names are unknown