As of December 1, Russia's National Wealth Fund (NWF) totaled $121.6 billion. Liquid assets amounted to $53.8 billion, a sharp drop from approximately $140 billion in February 2022. Chinese yuan has become the primary currency for asset storage following restrictions on access to the dollar and euro due to international sanctions—equivalent to $31 billion in liquid assets, according to the Foreign Intelligence Service of Ukraine.
The yuan is used to stabilize Russia's national currency and support strategic state enterprises through investments. Between July and October, the government spent 3 billion yuan in July, 2.75 billion yuan in August, 2 billion yuan in September, and 1.25 billion yuan in October on these state investments.
Gold reserves in the fund are also being gradually sold to cover federal budget deficits. From June through early December, 50 tons of gold (15% of the total reserves) were sold, leaving the fund with a total of 279 tons.
Due to economic instability caused by the war with Ukraine, Russia’s GDP growth is forecasted to slow to 1% by 2025, compared to 3.1% in 2024.
The reduction of liquid assets highlights the depletion of financial resources in Russia. Despite this, the 2025–2027 defense budget signals that the Russian government intends to prioritize military spending and prolong the war over long-term economic stability.
