For the first time in a year, Russia replenished the National Welfare Fund — thanks to the war in the Middle East

Russia resumed purchases of foreign currency and gold for its National Welfare Fund for the first time since June 2025. This was due to the rise in oil prices caused by the war between the United States, Israel, and Iran.

Bloomberg writes about this, citing data published by the Russian Ministry of Finance.

The Russian Finance Ministry will buy $1.5 billion in foreign currency and gold in May. Rising oil prices give Moscow a chance to replenish its state treasury after it spent more than half of its reserves on the war in Ukraine.

As of May 1, the Fundʼs freely available assets amounted to 3.6 trillion rubles (about $24.5 billion), down 14% from January and about 60% from before the full-scale invasion.

Under Russia’s fiscal rule, excess energy revenues are kept in the National Welfare Fund when the export price of Russian oil exceeds $59 a barrel. When prices fall below that level, the fund’s funds are withdrawn to cover the budget deficit. Earlier this year, Russian authorities had planned to lower that threshold to slow the depletion of reserves. Operations under that rule were suspended until July.

That plan was later shelved as demand and prices for Russian oil soared after the blockade of the Strait of Hormuz. At the same time, the United States temporarily lifted sanctions on Russian oil stuck at sea. But Moscow fears the favorable conditions could be short-lived and is considering lowering the oil price threshold next year to replenish the fund.

• Russian Urals oil is currently selling for about $112 per barrel. Just before the war in the Middle East, its price was about $58 per barrel.

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