Deal with OPEC helps Russia double its National Wealth Fund

The agreement between Russia

The agreement between Russia and the Organization of the Petroleum Exporting Countries (OPEC) to cut oil output has brought huge benefits to the entire Russian economy and its National Wealth Fund (NWF).

“The NWF rose from 4.04 trillion rubles ($65.2 bln) to 7.7 trillion rubles ($124.3 billion), so the NWF actually doubled over the year. This largely indicates that the NWF resources through the fiscal rule have come exactly from the OPEC+ deal, increasing our reserves twofold,” Kirill Dmitriev, chief executive of the Russian Direct Investment Fund (RDIF), told TASS on the sidelines of the World Economic Forum in Davos.

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