Russia boosts emergency spending fund using gas profits

Russia will boost its reserve fund for emergency spending to ensure economic stability in the face of unprecedented Western sanctions by 273.4 billion rubles (about €3.2 billion), the government said in a statement.  

“The funds will be used, including for the implementation of measures aimed at ensuring the stability of the economy in the face of external sanctions,” the government said.

The government will finance by far the largest chunk of these funds (271.6 billion rubles, or about €3.1 billion) with additional revenues received in the first quarter of 2022, the report says.

Moscow has already coughed up more than 1 trillion rubles (about €11.5 billion) in anti-crisis support to businesses and social payments to cushion the impact of Western sanctions.  

On Friday, the Russian central bank said it cut interest rates from 20 percent to 17 percent, noting that “external conditions for the Russian economy are still challenging, considerably constraining economic activity.”

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