Tax & Spend
Russia Looks to Boost Wealth Fund From May on Oil Windfall
Golden domes at the Kremlin complex in Moscow.
Source: Bloomberg
Russia may start rebuilding its sovereign wealth fund as soon as next month from windfall oil gains following the surge in crude prices over the Middle East war.
The Finance Ministry plans to channel excess revenue into the National Wellbeing Fund above the $59-a-barrel cutoff under its budget rule from May, helping to replenish reserves drained by spending on the war in Ukraine, according to people familiar with the discussions.