“What is happening with the FNB now is a separate and rather complicated story” – Video

In February 2008, the Stabilization Fund of the Russian Federation was divided into two parts: the Reserve Fund and the National Welfare Fund. Sovereign funds were managed separately for 10 years until they decided connect back in one stash. At the beginning of 2023, the volume of the NWF amounted to 10.4 trillion rubles. (7.8% of GDP). Oleg Sapozhkov, head of the economics department at Kommersant, retells the story of the creation of the “pod”, the disputes surrounding the investment of these funds, and recalls the long-term consequences of its existence.