Russian Rainy-Day Reserves Grow for First Time Since Ukraine War

Russia’s rainy-day reserves grew in 2025 for the first time since President Vladimir Putin launched his full-scale invasion of Ukraine as the government moved to conserve what remains of its fiscal buffer.

Liquid assets held in the National Wellbeing Fund increased by 7% last year to 4.1 trillion rubles ($52.6 billion), according to Finance Ministry data. The fund remains a key source for offsetting lost oil revenue and financing large-scale infrastructure projects, meaning the rebound is likely a temporary adjustment and not a trend.