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No backup plan: The liquidity of Russia’s National Wealth Fund could . . . At this time, Russia operated both a Reserve Fund and a National Wealth Fund, created from the division of the Stabilization Fund into two unequal parts The Reserve Fund received 80% of the assets (3 trillion rubles), while the NWF received the remaining 20%
Russia’s Sovereign Wealth Fund Hollowed Out as Liquid Reserves continue . . . Analysts warn that in the event of an external financing need, Russia may lack usable reserves The visual trajectory of the NWF confirms the broader trend: as ruble-denominated, non-liquid assets rise, dollar-based liquidity collapses