MOSCOW, March 22The Ministry of Finance of the Russian Federation is fulfilling all plans to replenish the National Welfare Fund (NWF), and the decrease in oil supplies from Russia will not affect the lives of citizens in any way, said the head of the ministry Anton Siluanov, giving a lecture at the Financial university.
“We exceed 60 dollars per barrel — we talked about the budget rule — we will still fulfill and are fulfilling all our plans to replenish the National Welfare Fund — everything that is above 60 (dollars),” Siluanov said.
At the same time, the decrease in oil supplies will not affect state revenues or the lives of Russians in any way, the minister assured, answering a corresponding question during the lecture. “It won’t have any effect. Why? Because if we control the volume of oil production and export and, together with our partners, regulate the supply of oil in the market as a whole, then we control prices,” Siluanov explained.
As Siluanov reported at the end of last year, the Russian Ministry of Finance allows the National Welfare Fund (NWF) to be spent in 2024 when the price of oil falls, however, it is not ready to reset it and “sit without a penny” in reserve».
According to the law on the federal budget for 2024 and the planning period 2025-2026, the volume of the National Welfare Fund at the beginning of 2024 is estimated at 12.178 trillion rubles, in 2025 — 11.191 trillion, in 2026 — 13.003 trillion. Replenishment of the fund in 2024 is planned at 333.8 billion, in 2025 — 1.821 trillion, in 2026 — 1.836 trillion rubles.
At the same time, in 2024, NWF funds will be used to ensure a balanced federal budget in the amount of 1.3 trillion rubles, creating conditions for the transition from 2025 to a deficit-free budget at the primary level.
In 2024, the Russian Ministry of Finance returned to the budget rule with an oil cut-off price of $60 per barrel. According to it, the Ministry of Finance allocates additional budget revenues from oil and gas exports to the National Welfare Fund (NWF). At the same time, the Russian authorities abandoned the currencies of unfriendly countries in the structure of the fund, so to replenish it, the Ministry of Finance can only buy yuan and gold. Market operations in the interests of the Ministry of Finance are carried out by the Central Bank. At the same time, the maximum share of the yuan in the assets of the National Welfare Fund is 60%, gold — 40%.