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Russia is raising its reserve fund for emergency spending on oil and gas profits

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“The funds will also be used to implement measures to ensure the stability of the economy in the face of external sanctions,” the statement said.

The government will finance most of the funds (271.6 billion rubles, or about 3.1 billion euros) with additional revenues from oil and gas in the first quarter of 2022, the statement said.

Moscow has already allocated more than 1 trillion rubles (about 11.5 billion euros) to socially important enterprises and activities to cushion the impact of Western sanctions.

On Friday, the Russian central bank announced that it had reduced interest rates from 20% to 17%, with the following statement: “External conditions for the Russian economy are still difficult, considerably constraining economic activity.”

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