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Russia's Stabilization Fund will soon reach 1.8 trillion rubles
Russia's Stabilization Fund will soon reach 1.8 trillion rubles ($66.67 billion), the prime minister said Friday. Mikhail Fradkov said favorable global economic conditions had helped provide Russia's current level of macroeconomic stability. At the beginning of 2006, the fund, set up to harvest windfall oil revenues over a cutoff point of $27 per barrel, stood at 1.2 trillion rubles ($44.45 billion). The government in March approved a financial plan for 2006-2008 that forecast the Stabilization Fund would reach 2.1 trillion rubles ($75 billion) in early 2007, and 3.1 trillion rubles ($110 billion) in early 2008.
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