Russia’s Finance Ministry said that the country’s National Wealth Fund stood at $148.4 billion as of Jan. 1, equivalent to 7.8% of gross domestic product.
The ministry said it spent 2.41 trillion roubles ($35.1 billion) from the NWF, a rainy day fund which accumulates oil revenues, to cover the budget deficit in December.
Russia has been forced to draw on the NWF and borrow heavily at domestic debt auctions in recent months as it diverts more funds towards security and defence.
At Feb. 1 last year the fund stood at $174.9 billion or 10.2% of projected GDP.
