Russia has boosted the fund that cushions its sanctions-hit economy with $3.4bn in additional oil and gas revenues thanks to rising energy prices since the start of its war with Ukraine, as it edges closer to its first debt default since 1998.
Moscow said on Sunday that it would direct an additional Rbs273.4bn ($3.4bn) to its rainy day fund, of which 271.6bn comes from oil and gas revenues it received in the first quarter of this year.
The additional money “will be used, among other things, to implement measures aimed at ensuring economic stability in the context of external sanctions”, the government said. The Russian economy is likely to contract by 10 per cent this year, according to economists’ consensus forecasts.
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