National Wealth Fund
Russia's sovereign wealth fund; shed $4.8 billion Jan-Feb 2026 funding war economy.
Last refreshed: 1 April 2026 · Appears in 1 active topic
With the fund losing $4.8 billion in two months, how long can Russia sustain war spending?
Latest on National Wealth Fund
- What is Russia's National Wealth Fund and how large is it?
- Russia's National Wealth Fund is a sovereign savings vehicle funded by oil and gas surplus revenue. It peaked at around $186 billion before 2022 and has been drawn down continuously to fund war-driven budget deficits.Source: SIPRI
- How much did Russia's sovereign wealth fund lose in 2026?
- Russia's National Wealth Fund shed 400 billion roubles ($4.8 billion) in January and February 2026 alone, continuing a drawdown driven by record military spending.Source: Russian Finance Ministry / business reporting
- Is Russia running out of money to fund the Ukraine war?
- Russia's NWF is depleting rapidly; the business climate turned negative in March 2026 for the first time since late 2022, and fixed investment fell 2.3% in real terms in 2025. Defence spending is 38-40% of the federal budget — Soviet-era levels.Source: SIPRI / Russian federal budget data
- What percentage of Russia's budget goes to defence in 2026?
- Russia's 2026 federal budget allocates 16.8 trillion roubles to defence and security — 38-40% of all federal spending, the highest proportion since the Soviet era, according to SIPRI analysis.Source: SIPRI
- What happens when Russia's National Wealth Fund runs out?
- Once the NWF's liquid assets are exhausted, Russia faces a choice between formal deficit financing, tax increases, or accelerated money printing — all of which carry political and economic risks in a wartime economy.
Background
Russia's National Wealth Fund (NWF) shed 400 billion roubles ($4.8 billion) in January and February 2026, accelerating a depletion trend that has run throughout the war. Russia's business climate index turned negative in March 2026 for the first time since October 2022, and fixed capital investment fell 2.3% in real terms in 2025.
The NWF was established in 2008 as a sovereign savings vehicle for surplus oil and gas revenue, designed to stabilise the budget during commodity downturns and fund long-term pension obligations. It reached a peak of approximately $186 billion before the 2022 invasion. Since then, the fund has been drawn down continuously to offset budget shortfalls driven by record military expenditure: 16.8 trillion roubles are allocated to defence and security in Russia's 2026 budget — 38-40% of all federal spending, a proportion not seen since the Soviet era.
The depletion of the NWF is a leading indicator of fiscal stress. Russia dropped planned 10% cuts to non-military spending after the Iran war oil price surge temporarily eased pressure, but the underlying trajectory is deteriorating. Once the liquid portion of the fund is exhausted, Russia faces the choice of formal deficit financing, taxation increases, or accelerated monetary printing — each of which carries political and economic risk.