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Russia’s Reserve Fund may grow in 2014 — finance minister

October 13, 2014, 10:00 UTC+3 WASHINGTON
Earlier plans on boosting Russia’s fund will depend on the oil prices, Russian Finance Minister Anton Siluanov says
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Russian Finance Minister Anton Siluanov

Russian Finance Minister Anton Siluanov

© Anton Novoderezhkin/TASS

WASHINGTON, October 13. /TASS/. Russian Finance Minister Anton Siluanov said on Monday that the country’s Reserve Fund may be increased by $2.5-4.9 billion this year.

“We could boost the Reserve Fund,” the minister told journalists. Siluanov arrived in Washington on Friday to attend the 2014 Annual Meetings of the governing bodies of the International Monetary Fund (IMF) and World Bank (WB) group.

The Russian minister said earlier plans on increasing Russia’s fund will depend on the oil prices.

“If the pricing environment will be the same as now, probably, there will be no possibilities for boosting the Reserve Fund,” Siluanov said. “If it improves somehow, we will send all the additional oil and gas revenues to the Reserve Fund,” he added.

As of October 1, 2014, Russia's Reserve Fund, established in 2008, amounted to 3.55 trillion rubles ($90 billion).

Earlier this month, Russian President Vladimir Putin signed an order that allows from January 1, 2015 using additional oil-and-gas revenues, which normally go to the Reserve Fund, for covering the budget deficit.

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