Russia's National Wealth Fund reserves down $11.7B

By Emre Gurkan Abay

MOSCOW (AA) - Russia's National Wealth Fund reserves fell by 1.22 trillion rubles (some $11.7 billion) in December 2024 compared to the previous month to 11.88 trillion rubles (around $116 billion).

The Russian Finance Ministry reported that the ratio of reserves to the country's gross domestic product was 6.2%.

The country's National Wealth Fund includes ruble, gold, and Chinese yuan-denominated assets.

Russia removed its US dollar assets from the fund in July 2021, British pound and Japanese yen assets in 2022, and euro assets last January – all in the face of Western alliance sanctions on Russia, including over the Ukraine war, which it launched in February 2022.

*Writing by Gokhan Ergocun from Istanbul