Putin's Stash of Oil Money Is Shrinking

Photographer: Andrey Rudakov/Bloomberg

While oil prices were soaring, Russia amassed a pile of hard currency that most countries could only dream of. Just a year ago, foreign reserves held by its central bank stood at more than $515 billion, including tens of billions in energy export revenue pumped into two big sovereign wealth funds that invested the money in foreign government bonds and other overseas assets.

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