There are no euros left in the National Welfare Fund

The Ministry of Finance got rid of the euro in the National Welfare Fund, according to materials on the department’s website.

“In December 2023, part of the NWF funds in accounts with the Bank of Russia in the amounts of 114,947.6 million Chinese yuan, 232,584.5 kilograms of gold in impersonal form and 573.7 million euros were sold for 2,900,000.0 million rubles,” - the documents say.

The money received was credited to a single federal budget account to cover its deficit. As a result of these transactions, a zero balance was formed on the euro account.

As of January 1, the volume of the National Welfare Fund amounted to 11.965 trillion rubles, or eight percent of GDP projected by the end of 2023. This is equivalent to $133.4 billion.

Thus, over the month the volume of the fund decreased by one and a half trillion rubles.

The Russian authorities stopped investing NWF funds in dollar assets in mid-2021. And at the end of 2022, accounts in British pounds and Japanese yen were reset.

The government then approved a new structure of the National Welfare Fund: funds can only be invested in gold and yuan. At the same time, the maximum share of the yuan in the assets of the National Welfare Fund is 60%, gold - 40%.