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Economic Indicators
9 Jun 2022
Russia adds $9.5 Billion to its Reserve Fund to Protect the country from Sanctions
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To protect the economy from the impact of Western sanctions and its actions in Ukraine, the Russian government decided on Thursday to add 551.4 billion roubles ($9.5 billion) to its emergency reserve fund as the Kremlin steps up its stimulus package in a bid.
The government said in a statement announcing the cash injection, "The funds will be used in part to implement measures aimed at ensuring the stability of economic development in the conditions of external constraints."
According to Reuters, the reserves boost came from extra profits generated by Russia's vital oil and gas exports, which are bringing in hundreds of millions of dollars a day to the budget despite Western sanctions.
Previous reports also shows that the Russian government added 791.6 billion roubles ($13.56 billion) to the same fund in May.
©Photo: Wall Street Journal