Russia's National Wealth Fund shrank to $148.4 billion as of January 1, down $38.1 billion in a month, as the government took out cash to plug its budget deficit, data showed on January 18. Moscow said it had spent 2.41 trillion rubles ($35.1 billion) from the NWF, a rainy day fund that accumulates oil revenues, to cover the deficit in December. Along with heavy state borrowing at domestic debt auctions, the NWF -- which was originally intended to support the pension system -- has become the main source of financing for the budget deficit since Russia invaded Ukraine last year and was hit by waves of unprecedented Western sanctions. To read the original story by Reuters, click here.
