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  Tuesday, October 4, 2022
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Russia's Stabilization Fund hit 3.5 trillion rubles as of October 1
Russia's Stabilization Fund hit 3.5 trillion rubles ($140.3 billion) as of October 1, up 110 billion rubles ($4.4 billion) from September 1, the Finance Ministry said Monday. The Stabilization Fund was set up to accrue windfall oil revenues and has been used to pay foreign debts. Initially, the 2007 budget envisioned that with the average price for Russian oil being $61 per barrel, a total of 1.7 trillion rubles ($68.1 billion) would go to the fund by the end of the year. However, Finance Minister Alexei Kudrin said in late July that the oil price this year will total about $63-65 per barrel, and added that the government would adjust its expectations on revenues accordingly.
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