National Wealth Fund of the Russian Federation

At a glance. The National Wealth Fund is Russia's oil and gas savings and budget reserve, held as part of federal budget money and run by the Ministry of Finance. At 1 September 2026 it totalled RUB 13,195 billion, about USD 154 billion and 5.6 percent of GDP. Only RUB 3,998 billion is liquid, held in yuan and gold at the Central Bank; the rest is in Russian bank shares, deposits and infrastructure bonds. S6

Key points

• Liquid assets at the Central Bank were CNY 184.0 billion, 131.5 tonnes of gold and a small rouble balance at 1 September 2026. S6
• Its largest holding is Sberbank ordinary shares worth RUB 3,080.5 billion, followed by VEB.RF deposits of RUB 1,325.9 billion. S6
• Infrastructure lending runs through bonds of state companies such as Rostec, the Federal Road Agency and aircraft lessor Aviakapital-Servis. S6
• Returns for 2025 on Central Bank accounts were 0.21 percent in the currency and gold basket and 0.17 percent in roubles. S7
• Since creation, Central Bank accounts have returned 0.95 percent a year in the basket and 11.93 percent a year in roubles. S7
• The 2027 to 2029 budget plan projects the Fund at RUB 13,216 billion at the start of 2027, rising to RUB 15,583 billion by end 2029. S8
• Placements outside liquid assets are limited until Central Bank holdings reach a set share of GDP, with listed exceptions. S5

Interesting facts

• The Fund bought 50 percent plus one share of Sberbank from the Central Bank in 2020; that stake is now its biggest asset. S6 S1
• Gold holdings fell from 358.9 tonnes at the start of 2024 to 187.7 tonnes by the end of that year. S1
• Minfin publishes every issuer and amount each month, usually within the first week of the following month. S6

Mandate and goals

The Fund saves oil and gas revenue earned above the planned oil price, to cut commodity dependence, support macro stability and cover federal and Pension Fund deficits. Its stated management goals are safety and stable long-term income. S2 S5

• Co-finance voluntary pension savings of citizens. S2
• Balance the federal budget and the Pension Fund budget when needed. S2
• Keep the money safe and earn stable income over the long term. S5
• Fund self-financing infrastructure projects on the approved list. S5
• Spending rule: Oil and gas revenue above the cut-off price flows in; the 2026 cut-off is USD 59 a barrel, and the 2027 to 2029 plan uses a lower price before a return to the standard rule. S4 S2

How it invests

Largest holdings: Sberbank ordinary shares RUB 3,080.5B, VEB.RF deposits RUB 1,325.9B, Russian Railways preferred shares RUB 722.1B, Rostec bonds RUB 570.5B, Federal Road Agency bonds RUB 516.5B, Aviakapital-Servis bonds RUB 288.4B, DOM.RF shares RUB 211.8B, Gazprombank preferred shares RUB 195.0B (as of 2026-09-07) S6

Past investments

Case studies

High-speed rail through bank deposits S14

• What: The Government ordered RUB 300B of subordinated deposits into four banks to fund the Moscow to St Petersburg high-speed line.
• When: April 2025
• Size: RUB 300B
• Why: Deposits let the Fund back a self-financing infrastructure project while the banks carry the lending.
• Outcome: Deposits run to 25 December 2049.

Sberbank: from purchase to largest asset S6 S7 S1

• What: The Fund bought a controlling 50 percent plus one share of Sberbank from the Central Bank.
• When: 2020
• Size: Not published
• Why: The purchase moved the bank stake from the Central Bank to the budget-owned Fund.
• Outcome: Worth RUB 3,080.5B in August 2026, with an 18.39 percent yield for 2025.

Liquid reserves moved into yuan and gold S1 S6

• What: The Fund sold US dollars from 2021 and closed euro holdings, shifting liquid assets to yuan (up to 60 percent) and gold (up to 40 percent).
• When: 2021 to 2023
• Size: Not published
• Why: A change in currency policy for the liquid part.
• Outcome: At 1 September 2026 liquid assets were CNY 184.0B and 131.5 tonnes of gold.

Investment process

Budget Code articles 96.10 and 96.11 and Government Resolution No. 18 set the rules. The Government decides each placement and its limits, the Ministry of Finance carries it out, and the Accounts Chamber audits. S5 S12 S2

1. Oil and gas revenue above the cut-off price is credited to the Fund. S2
2. The Government approves placements, such as infrastructure projects or bank deposits, by resolution or order. S14 S12
3. The Ministry of Finance places the money and reports monthly, quarterly and yearly to the Government and parliament. S2
4. The Accounts Chamber audits and reports quarterly to the Federal Assembly. S2

How to approach: There is no route for outside investors or managers. Money goes only to state-designated issuers and approved self-financing infrastructure projects. S2

Size and returns

• Headline size: RUB 13,194.9B (Fund market value, as of 2026-09-01) S6
• In US dollars: about USD 154.1B. US dollar figure published by the Ministry of Finance at Central Bank official rates.
• Liquid assets at the Central Bank: RUB 3,998.0B (about USD 46.7B) (Fund market value, as of 2026-09-07) S6
• Budget projection, start of 2027: RUB 13,216B (Announced target, not current assets, as of 2026-10-01) S8
• Return, 2025: 0.21 percent (Central Bank accounts; 0.17 percent in roubles) S7
• Return, since creation, basket: 0.95 percent a year (Central Bank accounts) S7
• Return, since creation, roubles: 11.93 percent a year (Central Bank accounts) S7
• Size over time (RUB billion): 2026-02 13,639.3, 2026-03 13,548.8, 2026-08 12,720.8, 2026-09 13,194.9 S6 S9 S10 S11

Leadership

Governance and transparency

• Legal basis: Budget Code of Russia, chapter 13.2, articles 96.10 and 96.11; Government Resolution No. 18 of 19 January 2008, amended to 26 December 2025 S5 S12
• Oversight: Government of Russia sets rules; reports go to the State Duma and the Federation Council S2
• Auditor: Accounts Chamber of the Russian Federation S2
• Not listed on the IFSWF members page; reports under budget law. S3
• Monthly releases in Russian and English, plus a spreadsheet of fund flows. S2

Transparency score: 8.5 of 10 (band 5 of 5). Our own 10-item rubric; see the methodology page.

• Published: total assets, annual return, long-term returns, asset allocation, holdings or deal list, governance and mandate documents, regular reporting schedule. S6 S7 S12
• Partly published: geographic or sector split, audited financial statements, named leadership. S2 S6 S13

History

Reports

• NWF placement results at 1 September 2026: https://minfin.gov.ru/ru/press-center/?id_4=40573-informatsionnoe_soobshchenie_o_rezultatakh_razmeshcheniya_sredstv_fonda_natsionalnogo_blagosostoyaniya S6
• NWF placement results for 2025: https://minfin.gov.ru/ru/perfomance/nationalwealthfund/news?id_57=316201-informatsionnoe_soobshchenie_o_rezultatakh_razmeshcheniya_sredstv_fonda_natsionalnogo_blagosostoyaniya_v_2025_godu S7

Common questions

How big is the National Wealth Fund?

RUB 13,194.9 billion at 1 September 2026, about USD 154.1 billion. Liquid assets were RUB 3,998.0 billion, about USD 46.7 billion. S6

Who manages it?

The Ministry of Finance, led by Minister Anton Siluanov, under rules set by the Government. S13 S5

Where does the money come from?

Oil and gas revenue above the budget rule cut-off price, USD 59 a barrel in 2026, plus income from managing the Fund. S2 S4

What does it hold?

Yuan and gold at the Central Bank, Sberbank and other Russian shares, VEB.RF deposits and infrastructure bonds. S6

What was the return in 2025?

0.21 percent in the currency and gold basket and 0.17 percent in roubles for Central Bank accounts. S7

Is it an IFSWF member?

It is not listed on the IFSWF members page. S3

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All sovereign wealth funds in Europe · All stabilisation funds · All funds in Russia

Sources

1. S1Wikipedia, Russian National Wealth Fund
2. S2Ministry of Finance of Russia, National Wealth Fund page and FAQ (Russian)
3. S3IFSWF, members list
4. S4Reuters, Russia budget rule oil price, 24 March 2026
5. S5Budget Code of Russia, article 96.11, consolidated text (Russian)
6. S6Ministry of Finance of Russia, NWF placement results at 1 September 2026 (Russian)
7. S7Ministry of Finance of Russia, NWF placement results for 2025 (Russian)
8. S8Prime, NWF volume in the 2027 to 2029 budget, 1 October 2026 (Russian)
9. S9Ministry of Finance of Russia, NWF placement results at 1 February 2026 (Russian)
10. S10Ministry of Finance of Russia, NWF placement results at 1 March 2026 (Russian)
11. S11Ministry of Finance of Russia, NWF placement results at 1 August 2026 (Russian)
12. S12Government Resolution No. 18 of 19 January 2008, consolidated text (Russian)
13. S13Ministry of Finance of Russia, The Ministry (Russian)
14. S14Government Order No. 1024-r of 24 April 2025 (Russian)
15. S15Vedomosti, NWF to be replenished, 21 September 2026 (Russian)