Russia boosts emergency spending fund using gas profits – POLITICO

Russia will increase 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 euros), the government said in a a statement.

“The funds will be used, in particular, 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 part of these funds (271.6 billion rubles, or about 3.1 billion euros) with additional revenues received in the first quarter of 2022, the report said.

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

On Friday, Russia’s central bank said it cut interest rates from 20% to 17%, noting that “external conditions for the Russian economy are still difficult, significantly limiting economic activity.”


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