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Stabilization Fund hits $70 bln in May - Finance Ministry

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The Stabilization Fund stood at just over 1.8 trillion rubles (about $70 billion) as of May 1, up 123 billion rubles on April, the Finance Ministry said Wednesday.

MOSCOW, May 3 (RIA Novosti) - The Stabilization Fund stood at just over 1.8 trillion rubles (about $70 billion) as of May 1, up 123 billion rubles on April, the Finance Ministry said Wednesday.

The Stabilization Fund was set up to harvest windfall oil revenues above a cutoff point of $27 per barrel.

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