Russia has hardly any liquid assets from the NWF—just 1.5% of budgeted GDP (or 3.2 tn rubles). Russia cannot withstand an oil price shock similar to 2014 or 2020.
Here’s what’s left in the liquid portion of the National Wealth Fund (Rainy Day Account).
@ukrainewarpod.bsky.socialRussia is in a lose-lose-lose situation if oil is depressed.
A devalued ruble makes it easier to fill the budget gap, but will accelerate inflation. The key rate is already a stifling 21%.
The liquid part of the NWF is dangerously low at just 2.7% of GDP. During COVID, they needed 2.2% of GDP!
