At the end of 2020, the size of Russia’s additional energy revenue fund was $183bn. Tax revenue is transferred to the fund when the price of crude oil is higher than the reference price specified in the budgetary rule, Bank of Finland Institute for Economies in Transition (BOFIT) reports.
In March 2020, energy income accrued in 2019 was transferred to the fund. Since then, the fund's dollar value has increased mainly due to the rise in Sberbank's share price and the strengthening of the euro against the dollar. In dollar terms, the fund was last this large in 2009.
The fund has approximately $115bn in highly liquid public sector bonds from major OECD countries. The Central Bank of Russia (CBR) manages these funds as part of its foreign exchange reserves. Of the fund’s other assets, by far the largest investment is in Sberbank shares ($41bn). There are also funds, for example, in the form of deposits with the VEB development finance institution.