Russian President Vladimir Putin does not provide details of new rules but says corporate and mortgage lending need a boost, suggesting guidelines could be further relaxed.
The sanctions were aimed at stopping what Russia calls its “special military operation” in Ukraine. Instead of boosting the NWF, additional oil and gas revenues can now be spent on any purpose government may choose.
Putin did not provide details of new rules but said corporate and mortgage lending needed a boost, suggesting guidelines could be further relaxed to allow for more state funding to revive economic activity. The existing rule puts a limit on how and where Russia’s $198-billion NWF can be spent, as the government increasingly needs cash to meet Putin’s promises of higher pensions and social payments and support for large businesses.
In May alone, the NWF spent $4 billion to buy preferred shares of Russian Railways, the country’s biggest employer. Other state entities, including the flagship airline
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