The size, structure and data on the dynamics of the fund are provided from the Ministry of Finance of the Russian Federation (MinFin) in plain text format on a monthly basis. Despite the significant volume of the fund, the data is poorly structured, which makes it difficult to analyze. The main purpose of this repository is to present the RNWF data in a form that is easy to understand and analyze.
The basic regulatory document of the RNWF is Decree #18 from January 19, 2008 of the Government of Russian Federation 'On the Procedure for managing funds of the National Wealth Fund' and 'Requirements to financial assets in which resources of the NWF can be placed.
Since May-June 2024, access to the data of the website of the MinFin became restricted from abroad, access is possible only through VPN (server address - Russia).
All tables and plots are available on russiannationalwelfarefund.streamlit.app
The purpose of the budget rule is to reduce the dependence of the Russian state budget and the ruble exchange rate on fluctuations in oil prices. From February to December 2022, it was suspended, and from January 2023, the authorities restarted the rule with new parameters.
A law to raise the threshold for investment of the fund from 7% to 10% of GDP was written in November 2021, taking into account the likelihood of an energy transition and the uncertainty of future fossil resource consumption. Most investments from the NWF could not be made until its liquid part reached 7% of GDP. As an exception, investments in government securities and shares of Russian companies that are not related to the financing of self-sustaining infrastructure projects. After the level of the fund reaches 7% of GDP, but is not yet close to 10%, these funds can be invested in units of investment funds managed by RDIF (УК «РФПИ») and self-sustaining infrastructure projects in the total amount up to 2.5 trillion rubles, as well as infrastructure projects by decision of the president or the government. All other assets can be invested in only after the liquid part of the NWF exceeds 10%. In February 2023, the State Duma removed the thresholds of 7% and 10% for the liquid assets of the fund. Now, after the abolition of the thresholds, the fund's liquid assets can be invested in any assets even if the liquidity ratio is low and the share .
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The USD 1875.4 mln amount in securities of Russian issuers related to the implementation of self-sustaining infrastructure projects with high probability is the Yamal-LNG project debt. There were two issues of bonds, which were purchased by the MinFin by closed subscription. Reports on the results of the issue could be found here.
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As on February 1, 2025 other Russian issuers received:
- 49 700 mln RUB. With very high probability the issuer is FSUE "Mayak Production Association" (ФГУП «ПО «Маяк», ОГРН 1027401177209, ИНН 7422000795). Russian Central Bank made following decisions on state registration of issues of non-convertible interest-bearing book-entry bonds: 16.11.2023 registration number 4-01-00015-T-001P and 20.05.2024 registration numbers 4-02-00015-T-001P, 4-03-00015-T-001P, 4-04-00015-T-001P, 4-05-00015-T-001P. According to the National Settlement Depository and Cbonds websites:
- The outstanding amount of 4-01-00015-T-001P bonds is RUB 11 000 mln., date of placement - 12.12.2023, duration - 10 years. In the MinFin's information report about the results of the fund's resources allocation in December 2023, for the first time in the structure of the allocated funds in the bonds of Russian issuers appear 11,000 million rubles - other Russian issuers;
- The outstanding amount of 4-02-00015-T-001P bonds is RUB 5 000 mln., date of acceptance - 17.06.2024, also number of outstanding securities and date of placement can be found on Notification on Corporate Action from NSD. In the MinFin's monthly report for June 2024 the amount of the funds placed in bonds of "other Russian issuers" is increased by RUB 5 000 mln. (total amount is 16 000 mln RUB);
- The outstanding amount of 4-03-00015-T-001P bonds is RUB 12 500 mln., date of acceptance - 26.08.2024, also number of outstanding securities and date of placement can be found on Notification on Corporate Action from NSD. Next period of "other Russian issuers" bonds investmnet increase is August - plus RUB 12 500 mln. (total amount of 28 500 mln RUB);
- The outstanding amount of 4-04-00015-T-001P bonds is RUB 21 200 mln., date of acceptance - 18.11.2024, also number of outstanding securities and date of placement can be found on Notification on Corporate Action from NSD. In Novembers MinFin's report the "other Russian issuers" amount has been increased one more time on the exactly 21 200 mln RUB (total amount - RUB 49 700 mln);
- The outstanding amount of 4-05-00015-T-001P bonds is yet unknown and expected. The amounts and times are exactly the same as the data from the Ministry of Finance's information reports on the placement of the fund's assets in bonds of other Russian issuers.
- and 10 000 mln CNY. The exact company names are unknown