Ukraine War Brief Podcast @ukrainewarpod.bsky.social · 11/07/2026Russia’s National Wealth Fund, for the first time ever, will have less than half of its reserves in liquid assets than needed to cover the budget deficit this year. I’m projecting a ~12 trillion ruble deficit (federal or consolidated) this year. 39313
Ukraine War Brief Podcast @ukrainewarpod.bsky.social · 11/07/2026The liquid assets remain largely untouched now that they have been depleted. For perspective, Russia blew through the equivalent of their liquid assets in just 3 months. 3431
Ukraine War Brief Podcast @ukrainewarpod.bsky.social · 12/07/2026Oops— here are the assets in rubles. 0220
Ukraine War Brief Podcast @ukrainewarpod.bsky.social · 11/07/2026The liquid assets are probably being saved to bail out mega companies, such as Rostec, Sberbank, Russian Railways, etc. In its first major investment this year, the NWF gave 92 billion rubles in bonds to Rostec in June. Banks may also need recapitalization from the fund. 👇 2342
leoskyview.bsky.social @leoskyview.bsky.social · 11/07/2026I wonder how much cash is left in regional and extra budgetary accounts. Federal public accounts down to ~4tr rub monthly minimum. The fiscal rule 🪣 should have a few hundred billion. They could crash the rouble to stretch NWF gold and yuan for a bit. Then what? CBR reserves? Anything else? 180
