The Accounts Chamber proposes to exclude frozen foreign exchange assets from the

NWFagainst RUSSIA

The Accounts Chamber has sent a number of proposals to the Russian government aimed at improving the safety of the National Welfare Fund (NWF), the agency's website says.

“The control agency recommended analyzing the current structure of the NWF funds and making changes to it, providing for the exclusion of the share of funds placed in foreign currencies of states that have applied sanctions against Russia,” the report says.

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The report says that over the period from 2020 to 2021, the structure of liquid assets of the NWF changed: the US DOLLAR was excluded, the shares of the euro and pounds sterling were reduced, the Chinese yuan, Japanese yen and gold were included in depersonalized form.

According to the analysis, from January 2020 to January 2022, the total volume of the NWF increased to 13.58 trillion rubles. This is 1.7 times or 5.81 trillion rubles. more than it was at the beginning of 2020.

The volume of the Russian NWF increased by 1.47 trillion rubles. Economy

According to the joint venture, as of January 1, 2022, the currency structure of the NWF funds was as follows: 33.9% - 4.6 trillion in ruble assets; 3.9% — $7.1 billion; 23.9% - €38.5 billion; 3.1% - £4.2 billion; 19.4% - 226.7 billion Chinese yuan; 2.9% - 600.3 billion in Japanese yen; 13% - 405.7 tons of gold.

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The FNB was formed in 2008. It was filled at the expense of the budget rule, under which all oil and gas revenues in excess of the cut-off price are directed to the sovereign reserve fund. When the price of oil falls below the cut-off price, the lost oil and gas revenues of the federal budget are compensated by the funds of the National Welfare Fund.

The currency basket of the NWF consisted of US dollars , euros and pounds sterling, it was also allowed to invest the funds of the NWF in Japanese yen, Australian dollars, Canadian dollars and Swiss francs.

In November 2019, the Ministry of Finance announced plans to change the currency structure of the NWF, reducing the share of the dollar in favor of the yuan and currencies of other countries.

See also Western reaction to Russian sanctions 04:59

At the end of May, the EU reported on the freezing of assets of the Central Bank of Russia in the amount of about €23 billion. The United States announced that it had blocked Russian assets for $330 billion, including about $300 billion of Central Bank assets. The Russian Ministry of Finance estimated the total amount of gold and foreign exchange reserves frozen abroad at the same amount.

The freezing of Russian assets is part of Western sanctions against Russia. Moscow considers these restrictive measures illegal. According to Alexander Venediktov, deputy secretary of the Russian Security Council, “the freezing of Russian assets is one of the greatest thefts in history.”