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Bank CEO: Russia will spend half of its Reserve Fund in 2016 with average oil price at $40

February 16, 16:09 UTC+3
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MOSCOW, February 16. /TASS/. Russia's government will spend half of its Reserve Fund in case average annual oil price stands at $40 per barrel, Chief Executive Officer of Russia’s top lender Sberbank German Gref said on Tuesday.

"It’s very difficult to forecast how the Reserve Fund will be used today. However, our preliminary estimates say that if oil price keeps around $40 per barrel and if budget is slashed half of the Reserve Fund will be spent this year," Gref said.

Russia’s Reserve Fund topped 3.7 trillion rubles ($46.6 bln) as of February 1, 2016 whereas is equaled 5.8 trillion rubles ($75.2 bln) in the previous year.

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