Russia rainy day fund shrinks by $38 billion as government plugs deficit

FILE PHOTO: Russian Finance Minister Anton Siluanov attends a session of the St. Petersburg International Economic Forum (SPIEF) in Saint Petersburg, Russia June 16, 2022. REUTERS/Anton Vaganov

Russia's National Wealth Fund shrank to $148.4 billion as of Jan. 1, down $38.1 billion in a month, as the government took out cash to plug its budget deficit, data showed on Wednesday.

The ministry said it had spent 2.41 trillion roubles ($35.1 billion) from the NWF, a rainy day fund that accumulates oil revenues, to cover the deficit in December.