Russia's sovereign wealth fund at $198.3 bln as of Aug. 1

Russia's National Wealth Fund (NWF) stood at $198.3 billion as of Aug. 1, equivalent to 9.1% of projected 2022 GDP, the finance ministry said on Monday.

On July 1 it had stood at $210.6 billion. The NWF is Russia's sovereign wealth fund, built up from profits on energy sales in recent years.

Although the fund is intended to finance large-scale infrastructure projects, the government will tap into it this year to cover a budget deficit. The economy is set to contract sharply in the face of sanctions imposed by Western countries and allies including Japan in response to Moscow's deployment of its armed forces to take control of swathes of Ukrainian territory.