There are no euros left in the National Welfare Fund
"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 account of the federal budget 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, the volume of the fund decreased by 1.5 trillion rubles in a month.
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 NWF: funds can only be invested in gold and yuan. At the same time, the maximum share of the yuan in the assets of the NWF is 60 percent, and gold is 40 percent.
In particular, as of January 1, 227.331 billion yuan; 358.961 kilograms of gold in impersonal form and 1.514 billion rubles were placed in separate accounts for accounting for NWF funds in the Bank of Russia. 658.822 billion rubles have been placed on deposits at VEB. In addition, three billion dollars are placed in Ukraine's bonds, on which the country has defaulted.
The total income from the placement of NWF money, excluding funds in accounts with the Bank of Russia, in 2023 amounted to 355.663 billion rubles, which is equivalent to 4.182 billion dollars.