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Russia's Stabilization Fund could exceed $117 bln on June 1 -1

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MOSCOW, May 31 (RIA Novosti) - Russia's Stabilization Fund, established to accrue surplus revenues from high world oil prices, could exceed 3.026 trillion rubles ($117 billion) on June 1, a source in the Russian Finance Ministry said Thursday.

The Stabilization Fund totaled 2.903 trillion rubles ($113 billion) as of May 1, the source said.

According to the Finance Ministry's investment formula, U.S. dollars account for 45% of the Stabilization Fund's foreign currency, euros make up 45%, and 10% is in British pounds.

From 2008, the Stabilization Fund will be transformed into the Reserve Fund and the National Prosperity Fund.

The Reserve Fund, expected to total 10% of Russia's GDP, will cushion the federal budget in the event of an oil price plunge. Oil and gas revenues above this limit will supplement current budget spending, and go to the National Prosperity Fund.

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