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Reuters
A study prepared by “Deutsche Bank” concluded that the savings of the Russian Welfare Fund will suffice for Russia to supply its expenses for two years in the light of oil prices at $ 15 per barrel, without prejudice to its huge reserves.
“Deutsche Bank”, the largest German bank, said that funds from the Riffa National Fund (Financed Fund for Crisis Prevention) alone will suffice Russia for two years, if the price of a barrel of Russian oil of the brand “Eurals” “remains at $ 15.
According to the bank’s data, the volume of financial liquidity in this Russian fund reached in March 150 billion dollars, but the volume of funds decreased in April to 120 billion dollars, after the government bought a participation in ” Sberbank “, the largest Russian bank.
Deutsche Bank experts Peter Sidorov and Christian Vitoshka say the Russian government will be able to make up the deficit in oil revenues from this fund for two years if the barrel remains at $ 15.
Experts added that the fund will be sufficient for a period of 6 years, if the price of a barrel of Russian oil is $ 30.
They confirmed that the funds that the government has accumulated in the fund are generally sufficient to absorb the temporary oil shock, but that this will affect spending plans due to the presence of economic damages associated with the spread of the Corunna virus.
It should be noted that a very important point, that the savings of the National Welfare Fund are not Russia’s international reserves, which amounted to 563 billion dollars earlier this month.
The Russian government established the National Welfare Fund to serve as an aid to the economy during a period of crisis, and accumulated funds during the boom in oil prices.
Source: “TASS”
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