13:47 GMT +317 November 2019
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    A Russian ruble coin is pictured in front of St. Basil cathedral in central Moscow

    Russia Won't Allow for Reserve Fund to Be Exhausted in 2017

    © AFP 2019 / ALEXANDER NEMENOV
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    Russia’s Reserve Fund will not be exhausted next year, Russian Finance Minister Anton Siluanov said Thursday.

    MOSCOW (Sputnik) –Following a Cabinet meeting Siluanov told journalists that the Reserve Funds would not be used up in 2017 but avoided giving any details on the subject.

    "If we continue to spend them [the Reserve Fund and the National Wealth Fund] in the same volumes as in previous years, they will be quickly exhausted. We cannot allow that," he stressed.

    The Finance Ministry planned to spend 2.1 trillion rubles ($32.8 billion) out of the Reserve Fund to cover budget shortfalls this year, with approximately 1 trillion rubles projected for next year.

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    reserve fund, Russian Finance Ministry, Anton Siluanov, Russia
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