Russia will double its Reserve Fund to 1.43 trillion rubles ($50 billion) by the end of this year, Prime Minister Vladimir Putin said in his annual address to parliament on Wednesday.
"I think we need to resume saving and consolidating our reserves, which is why I suggest we send most of oil and gas revenues to the Reserve Fund," Putin said.
As for the National Welfare Fund, Putin said it had more than tripled in the past two and a half years to 2.609 trillion rubles ($92 billion).
"It is the main source for covering Pension Fund deficit, and it is very important for maintaining stability during the pension reform," he said.
"This policy will leave us room for maneuver, and provide us with financial independence and secure us from possible risks, of which there are plenty," he said.
MOSCOW, April 20 (RIA Novosti)
Add to blog
You may place this material on your blog by copying the link.
Image Galleries: Yury Gagarin: Life of the First Man in Space in Pictures
Infographics: Sledge Hockey
The unconstitutional takeover in Ukraine was the toughest, consistent and so far most effective Western counterattack launched amid the ongoing struggle for a fairer world order. Only the naïve believe that the United States and Europe will willingly share their right to rule the world, though their belief is worthy of respect.