Russia's oil fund rakes it in
Russia's oil fund - the budget stabilisation fund - hit $156.81 billion on 1 January, up from $150.86 billion on 15 December, the Finance Ministry said today.
The fund was created in 2004 to cushion the budget from a fall in international oil prices. The fund collects mineral extraction and export duties when the price of oil exceeds $27 per barrel.
On 1 February, the stabilisation fund will be split into a reserve fund, which will act as an insurance policy to cover any budget deficit caused by a fall in energy prices, and a more growth-oriented National Welfare Fund.