18:37 GMT +317 February 2019
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    Russia's Stabilization Fund down 3.6% to $144 bln in November

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    MOSCOW, December 3 (RIA Novosti) - Russia's Stabilization Fund went down 3.6% in November to 3.517 trillion rubles ($144 billion), the Finance Ministry said on Monday.

    The ministry said the reduction was due to allocations from the fund being transferred to state corporations' charter capitals.

    Russia's Stabilization Fund, established to accrue surplus revenues from high world oil prices, will hit 3.836 trillion ($158 billion) as of January 1, 2008, Finance Minister Alexei Kudrin earlier said.

    From February 2008, the Stabilization Fund will be divided 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 will go to the National Prosperity Fund.