Russian National Wealth Fund

Registry · Top 100 · Sovereign fiscal / stabilization fund · Russian Federation

Last researched: 7 September 2026 (America/Toronto). Corrections: info@universalassetowners.com.

• Executive brief
• Speakable summary
• Mandate & ownership
• Scale & portfolio
• Governance & leadership
• Investment philosophy & eligible assets
• Performance & reporting
• Official actions & debates
• Timeline
• Annex: AUM honesty (RUB)
• Annex: Book structure 1 Aug 2026
• Annex: Mid-2026 placement operations
• Annex: 2025 income and yields
• Annex: Legal and reporting stack
• Annex: Eligible assets (EN Investment management)
• Annex: Liquid vs total
• Annex: SWF / fiscal peers
• Annex: Ministry of Finance framing
• FAQ
• Sources
• Completeness note

Executive brief

The Russian National Wealth Fund (Russian: Фонд национального благосостояния, ФНБ; also rendered on Minfin’s English pages as the National Wealth Fund / National Welfare Fund) is a Ministry of Finance of the Russian Federation fiscal and stabilization vehicle. Official About text (27 December 2023) describes it as an important element of the Russian Federation’s budget system that accumulates part of oil and gas revenues arising when the oil price is higher than planned. Saving those revenues is intended to reduce commodity dependence, support macroeconomic stability, help finance the federal budget deficit and the Pension Fund of the Russian Federation budget, and manage public financial resources more effectively.

Framing honesty (critical): NWF is not a classic independent asset-management corporation with a dedicated fund Chief Executive Officer or Chief Investment Officer. Management rules are set by the Government of the Russian Federation; direct management is exercised by the Ministry of Finance; separate powers may be assigned to the Bank of Russia. Do not invent fund CIO/CEO seats.

Prefer official RUB. Latest opened Minfin informational message (published 10 August 2026) states that as at 1 August 2026 the Fund’s volume was 12,720,845.3 million rubles (12.7208453 trillion RUB), or 5.4% of GDP forecast for 2026 under Federal Law No. 426-FZ of 28 November 2025, equivalent under Minfin’s own conversion to 159,294.7 million US dollars. Liquid assets (funds on Bank of Russia accounts) equalled 3,692,785.4 million rubles / 46,242.3 million US dollars (1.6% of forecast GDP). An INST working estimate of about US$130 billion is stale as a current headline relative to those Minfin prints—prefer the official RUB total and liquid figures (with Minfin’s published USD equivalents as companion numbers only).

Leadership honesty: Anton Siluanov is Minister of Finance of the Russian Federation (official Minfin leadership roster and biography). He is not labelled a National Wealth Fund CIO. Deputy Minister Vladimir Kolychev’s curated departments include the Department of Public Debt and State Financial Assets—relevant remit language only; do not invent an “NWF CIO” title for him.

Researchers care because NWF sits among large oil-linked sovereign fiscal funds, publishes monthly placement results and dated RUB/USD volume and liquid-asset prints on minfin.gov.ru, discloses a detailed domestic infrastructure/equity/deposit book alongside CNY and gold on Bank of Russia accounts, and is governed as a federal-budget instrument rather than a standalone manager. Related UAO hubs: Registry, Top 100, NBIM, CIC, KIA, PIF.

Speakable summary

The Russian National Wealth Fund is a Ministry of Finance fiscal fund that saves surplus oil and gas revenues. As of 1 August 2026, Minfin reported total volume of about 12.72 trillion rubles, or roughly 159.3 billion US dollars on Minfin’s conversion, with liquid Bank of Russia account assets of about 3.69 trillion rubles. The Government sets management rules; the Ministry of Finance manages the Fund; the Bank of Russia may act as operational manager. Anton Siluanov is Minister of Finance—not a fund CIO. Primary documents live on minfin.gov.ru under the National Wealth Fund section.

Mandate & ownership

Official English hub language states that the National Welfare Fund “is part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of Russian Federation citizens, as well as to balance (cover the deficit of) the federal budget and the budget of the Pension Fund of the Russian Federation.” The Russian About FAQ (27 December 2023) adds that the Fund accumulates part of oil and gas revenues formed when the oil price is higher than planned, supporting macroeconomic stability and more effective management of public financial resources.

What the mandate is: a ring-fenced federal-budget pool funded primarily by additional oil and gas revenues and by investment income; usable under law for specified fiscal and pension co-financing purposes; managed under Government-approved rules by the Ministry of Finance, with possible Bank of Russia operational roles.

What the mandate is not: an independent Crown-style asset manager with a commercial board and named fund CEO/CIO marketing a multi-client platform; a retail product provider; or a disclosure regime identical to a listed asset-management company annual report with GIPS composites.

Funding sources (About FAQ): (1) additional oil and gas revenues of the federal budget under the procedure established by the Government; (2) income from managing Fund assets. Oil and gas revenues of the federal budget are described as including mineral extraction tax on oil, gas and condensate; export duties on oil, gas and oil products; tax on additional income from hydrocarbons; and the excise on oil feedstock sent for processing.

English Accumulation page (historical budget-rule colour): oil and gas revenues comprise MET and export customs duties; each year part is applied as an oil and gas transfer to finance federal expenditures, with the transfer size set in the federal budget law (EN page cites 3.7% of forecast GDP in the corresponding year as the absolute amount determination). After the transfer is executed, remaining oil and gas revenues historically accumulated in the Reserve Fund up to a regulatory cap (EN page cites 10% of forecast GDP), with amounts above the cap transferred to the National Wealth Fund. The About FAQ notes that the Reserve Fund became part of the National Wealth Fund in 2018. Researchers should treat older EN Accumulation footnotes on 2010–2014 temporary rules as historical statute colour and prefer current Budget Code / Decree 18 / monthly Minfin messages for live operations.

Expenditure purposes (EN Expenditure): NWF assets can be spent to co-finance voluntary pension savings of Russian citizens and to balance the Pension Fund budget; amounts are determined by the federal budget law for the corresponding year and planning period. Co-financing terms cite Federal Law No. 56-FZ of 30 April 2008. Historical temporary withdrawal authorities (e.g., Federal Law No. 245-FZ of 30 September 2010 footnotes on the EN page) are statute history—not a licence to invent current spending beyond opened Minfin messages.

Ownership chain: Russian Federation → federal budget (separate accounting) → Ministry of Finance operational management under Government rules → Bank of Russia accounts / eligible financial assets. The Fund is therefore a sovereign fiscal instrument, not a private partnership.

Scale & portfolio

Prefer official rubles. Minfin’s 10 August 2026 informational message on placement results for 1 January–31 July 2026 reports that as at 1 August 2026:

• Total Fund volume: 12,720,845.3 million RUB (12.7208453 trillion RUB), 5.4% of 2026 forecast GDP under Federal Law No. 426-FZ of 28 November 2025, Minfin-equivalent 159,294.7 million USD.
• Liquid assets (Bank of Russia account balances): equivalent 3,692,785.4 million RUB / 46,242.3 million USD (1.6% of forecast GDP).

The National Wealth Fund hub on minfin.gov.ru shows a widget value of 12,720.85 billion RUB as at 01 August 2026, consistent with the detailed message.

Bank of Russia separate NWF accounts (1 Aug 2026): 189,683.3 million Chinese yuan; 141,241.7 kg of unallocated gold. July 2026 operations included converting 1,632.2 million RUB into 158.9 kg of unallocated gold and 529.7 million RUB into 47.1 million CNY.

VEB.RF: deposits and subordinated deposits totalled 1,322,890.9 million RUB as at 1 August 2026. July placements included a 773.9 million RUB VEB deposit for the Saint Petersburg Metro rolling-stock renewal project (to August 2047, 5% annual interest paid monthly).

Foreign sovereign debt: 3,000.0 million USD in debt obligations of foreign states under a separate Government decision without a long-term credit-rating requirement (as listed in the August message).

Selected Russian issuer bonds (1 Aug 2026, million RUB unless noted): Avtodor (Russian Highways) 517,037.3; NLK-Finance 250,666.6; Aviakapital-Service 174,815.5; Territory Development Fund (PPT) 148,725.1; GTLK 182,609.5; VK LLC 60,000.0; Rostec 503,485.9; Infrastructure Investments-4 4,050.0; other Russian issuers 63,700.0 RUB, 1,875.4 million USD and 10,000.0 million CNY.

Selected Russian equities (market value footnote for listed names using MOEX VWAP 31 Jul 2026 where marked): Russian Railways preferred 722,141.3; DOM.RF ordinary 218,329.1; Aeroflot ordinary 77,321.4; GTLK ordinary 58,334.0; Atomenergoprom preferred 57,500.0; Sberbank ordinary 3,105,705.4; VTB Bank ordinary 211,519.7; Gazprombank preferred 194,954.0; Rosselkhozbank preferred 25,000.0 (all million RUB as published).

Subordinated deposits: Gazprombank 204,285.9; Sberbank 94,423.4; VTB 293,401.0; Sovcombank 29,635.1 million RUB.

Organisation scale: NWF is administered inside the Ministry of Finance / federal budget apparatus rather than as a separate headcount-disclosed asset-management firm. Public Minfin contact directory phones are omitted here (public-safe rule).

Governance & leadership

Official About FAQ answer “Who manages the Fund?” (27 December 2023): the Government of the Russian Federation establishes the management rules; the Ministry of Finance exercises direct management; separate management powers may be assigned to the Central Bank. Management objectives are preservation of the Fund and obtaining stable long-term income from placements.

English Investment management page restates that management aims at capital preservation and a stable level of return in the long-term perspective, while allowing the possibility of negative return in the short term; that the Ministry of Finance executes management under Government procedure; and that the Bank of Russia may act as operational manager. If specialized financial entities are engaged, the Government sets engagement terms and entity requirements.

Minister of Finance (not fund CIO)

Anton Germanovich Siluanov is listed on Minfin’s official leadership page as Minister of Finance of the Russian Federation. Official biography milestones opened on minfin.gov.ru include: born 12 April 1963 in Moscow; Moscow Financial Institute graduate (1985, Finance and Credit); candidate of economic sciences (1994); doctor of economic sciences (2012); Deputy Minister (2003–2004 and 2005–2011); Minister of Finance 2011–2018; First Deputy Chairman of the Government — Minister of Finance 2018–2020; Minister of Finance again since 2020. Curated departments on the leadership card include the Administrative and Control Department, Legal Department, and Information-Analytical Activity unit (plus others). Do not invent a National Wealth Fund Chief Investment Officer title for Siluanov.

Deputy ministers with adjacent remits

Official leadership roster (opened): First Deputy Minister Irina Okladnikova; State Secretary–Deputy Minister Aleksey Sazanov; Deputies Nikolai Begchin, Pavel Kadochnikov, Vladimir Kolychev, Aleksey Lipaev, Aleksey Moiseev, Ivan Chebeskov, Elena Yakovleva. Kolychev’s curated list includes the Department of Public Debt and State Financial Assets, Accounting/Reporting/Audit regulation, Budget Policy and Strategic Planning, External Restrictions Control, and Revenue departments (among others). That public-debt / state-financial-assets remit is adjacent to NWF asset administration—but Minfin does not publish a “CIO, National Wealth Fund” title for him on the opened pages. Do not invent one.

Oversight and audit

About FAQ and EN Reporting and audit pages describe a multi-layer stack: monthly Minfin informational messages on placement results (Russian and English); monthly/quarterly/annual reporting to the Government; Government reports to the State Duma and Federation Council on oil/gas revenues and NWF formation/use/management within federal budget execution reporting; Accounts Chamber control measures and quarterly operational reports to the Federal Assembly including NWF formation, use and management facts.

Investment philosophy & eligible assets

About FAQ describes the management strategy as conservative, oriented to preservation and long-term income. Eligible storage/placement channels listed on the About FAQ include: foreign currency on Central Bank accounts; gold on Central Bank accounts; debt of foreign states, foreign state agencies and central banks; debt of international financial organizations; deposits in banks and credit institutions, including for repayable financing of self-supporting infrastructure projects; deposits in VEB.RF, including for real-economy projects; debt and equities of legal entities, including those linked to self-supporting infrastructure projects; and units of investment funds under management compliant with the federal law on the Russian Direct Investment Fund. The Government sets maximum shares for each permitted financial asset class and reliability requirements.

English Investment management elaborates two simultaneous channels: (1) purchase of foreign currencies and allocation to Federal Treasury accounts with the Bank of Russia, with interest equivalent to yields of total-return indices of eligible assets; (2) purchase of foreign currencies and financial assets denominated in rubles and eligible foreign currencies. The Government sets broad strategic asset-allocation limits; the Ministry of Finance may set strategic allocation within those limits.

Current book colour vs older EN tables: opened August 2026 Minfin messages show liquid BoR holdings concentrated in Chinese yuan and unallocated gold, plus a large domestic infrastructure bond, equity (notably Sberbank), and VEB/bank subordinated-deposit book. Older EN Investment management regulatory-share tables still display foreign-currency vs ruble columns and lists of eligible foreign sovereign issuers (Austria, Belgium, Canada, Denmark, Finland, France, Germany, Luxembourg, Netherlands, Spain, Sweden, United Kingdom, USA) and rating floors (e.g., foreign issuers AA-/Aa3; Russian issuers BBB-/Baa3 on the opened EN page). Treat those EN tables as official framework language on the live EN page, while treating 1 August 2026 Minfin placement figures as the live composition print. Do not silently overwrite one with the other.

Infrastructure and real-economy placements via VEB.RF and issuer bonds (GTLK leasing programmes, metro rolling stock, urban electric transport complexes, Avtodor roads, Territory Development Fund projects, Rostec, aircraft leasing via Aviakapital-Service, etc.) are a recurring feature of 2026 monthly messages—policy-directed domestic deployment alongside the liquid CNY/gold sleeve.

Responsible investing / ESG note

Opened Minfin NWF primaries for this pass do not publish a standalone NWF ESG, climate, or stewardship report comparable to large independent SWF RI frameworks. Eligible-asset and reliability rules (Budget Code; Government Decree No. 18 of 19 January 2008 and amending acts; Minfin orders) are the official risk/quality frame. Do not invent exclusion lists, net-zero targets, or voting statistics that were not opened on minfin.gov.ru NWF pages.

Domestic infrastructure placements (public transport, roads, leasing of aircraft/ships/rolling stock) appear in monthly Minfin messages as project-finance uses of Fund assets—describe them as officially disclosed placement purposes, not as an ESG product label.

Performance & reporting

2025 full-year income (Minfin informational message, 10 April 2026): incomes credited to the federal budget in 2025 from placing NWF assets in permitted financial assets totalled 653,273.31 million RUB, including interest on FX accounts at the Bank of Russia 7,458.09 million RUB and income from other financial assets 645,815.22 million RUB, of which dividends on Sberbank ordinary shares 393,464.63 million RUB.

Selected 2025 yields (same message): aggregate yield on BoR accounts measured in the basket of permitted foreign currencies and unallocated gold 0.21% per annum (0.95% per annum since fund creation); measured in RUB 0.17% (11.93% since creation); CNY account yield 0.35% per annum; gold account pays no interest on balances under Decree No. 18—income arises from buy/sell operations at Bank of Russia accounting prices for refined gold; VEB.RF deposits/subordinated deposits in RUB 6.05%; Russian issuer RUB bonds aggregate 2.48% (line items include Avtodor 4.05%, NLK-Finance 1.50%, Aviakapital-Service 1.50%, Territory Development Fund 3.00%, GTLK 1.84%, VK 3.00%, Rostec 1.50%, Infrastructure Investments-4 9.59%, other Russian issuers 1.50%); USD-denominated Russian issuer bonds 4.30%; CNY-denominated Russian issuer bonds 5.00%; Russian equities aggregate 13.97% (including RZD preferred 1.53%, DOM.RF 10.46%, Aeroflot 12.16%, GTLK 1.20%, Atomenergoprom preferred 2.69%, Sberbank ordinary 18.39%, VTB preferred 26.54%, and further lines as published).

Year-to-date 2026 colour (1 Jan–31 Jul 2026 message): estimated income on FX accounts at the Bank of Russia recalculated to USD for 15 Dec 2025–31 Jul 2026: 62.2 million USD (4,966.4 million RUB). FX and gold revaluation difference 1 Jan–31 Jul 2026: 67,217.9 million RUB aggregate (BoR FX+gold sleeve 52,666.1 including FX +125,777.3 and gold −73,111.2; foreign sovereign debt sleeve +4,891.8; FX-denominated Russian issuer securities +9,660.0). Aggregate income from permitted assets excluding BoR account funds in 2026 through the July message: 95,617.3 million RUB / 1,234.9 million USD.

Transparency stack: monthly informational messages (RU/EN); statistics workbook “Data on the movement of funds and results of managing NWF assets” (xlsx updated 17 August 2026 on the Statistics subsection); Government and parliamentary budget-execution reporting; Accounts Chamber audit. Holdings are disclosed as category balances and named large issuer lines in monthly messages—not as a full look-through public equity file in the NBIM style.

Official actions & debates

This section privileges official attributable Minfin/Government actions opened in primary documents. Secondary press narratives are labelled if used; none are required to state the following official facts.

• Liquid vs total gap: As at 1 August 2026 Minfin itself publishes both total volume (12.72 trillion RUB / 5.4% GDP) and liquid BoR-account assets (3.69 trillion RUB / 1.6% GDP). The gap reflects large domestic equity, bond, VEB and subordinated-deposit placements disclosed line-by-line in the same message—including Sberbank ordinary shares at market value exceeding 3.1 trillion RUB. Researchers should not treat “liquid” and “total” as synonyms.
• Reserve Fund merger (2018): Official About FAQ states the 2004 Stabilization Fund was split in 2008 into the Reserve Fund and the National Wealth Fund, and that in 2018 the Reserve Fund became part of the National Wealth Fund. Older EN Accumulation text still describes Reserve Fund caps—useful history, not the live dual-fund structure.
• FX sleeve evolution: Live BoR liquid accounts in the August 2026 message are stated in CNY and gold, not in a USD/EUR/GBP breakdown. Older EN Investment management currency examples still mention US dollars, euro and pounds. Report both without conflating framework language and live balances.
• Policy-directed domestic deployment: Monthly 2026 messages document ongoing placements into GTLK, Rostec, VEB project deposits (metro, urban electric transport), Avtodor, Territory Development Fund and related infrastructure bonds, alongside partial redemptions and early VEB returns. These are official fiscal-policy uses of Fund assets under Government-approved project lists—not private discretionary alpha programmes.
• Ruble remarks: Minfin press centre published “Anton Siluanov: for us the ruble is the most reliable currency” (13 May 2026) adjacent to NWF news lists. That is a Minister of Finance press item—not an NWF portfolio fact sheet; cite only as MoF communications context if needed.

No invented controversy narratives. Sanctions, geopolitics, or secondary estimates that were not opened as Minfin NWF primary statements are out of scope for this profile’s factual core.

Timeline

• 2004 — Stabilization Fund created on Ministry of Finance initiative to save additional oil and gas revenues (About FAQ).
• 2008 — Stabilization Fund split into Reserve Fund and National Wealth Fund (About FAQ). Government Decree No. 18 of 19 January 2008 establishes NWF management procedure.
• 30 April 2008 — Federal Law No. 56-FZ on additional insurance premiums and state co-financing of pension savings (cited on EN Expenditure).
• 2010–2014 (historical EN footnotes) — Temporary statutory rules on oil/gas transfers, Reserve/NWF formation, and reinvestment (Federal Law No. 245-FZ of 30 September 2010 and related footnotes on EN Accumulation / Reporting pages).
• 2011–2018 — Anton Siluanov serves as Minister of Finance (official bio).
• 2018 — Reserve Fund becomes part of the National Wealth Fund (About FAQ). Siluanov serves as First Deputy Prime Minister — Minister of Finance (2018–2020).
• April 2020 / October 2020 — Statistics footnotes: Sberbank ordinary shares (from April 2020) and Aeroflot ordinary shares (from October 2020) included in NWF at market value based on weighted-average share prices (xlsx notes / stats pages).
• Since 2020 — Siluanov again Minister of Finance (official bio).
• 2025 — Full-year placement income to federal budget 653.3 billion RUB; detailed yield table published 10 April 2026.
• 1 August 2026 — Total volume 12,720.8 billion RUB (5.4% GDP); liquid 3,692.8 billion RUB (1.6% GDP); CNY 189.7 billion and gold 141.2 tonnes on BoR accounts (Minfin message 10 August 2026).
• 17 August 2026 — Statistics workbook “Data on movement of funds and management results” updated on Minfin NWF Statistics subsection.

Annex: AUM honesty (RUB)

Universal Asset Owners prefers the currency an official owner actually publishes. For the Russian National Wealth Fund that currency is the Russian ruble, with Minfin also printing a USD equivalent in the same monthly informational messages.

Volume and estimated income figures are calculated using Bank of Russia official FX rates and gold accounting prices on the date preceding the reporting date, and cross-rates based on those rates (August message closing note). Equity lines footnoted to MOEX weighted-average prices on 31 July 2026 where indicated.

Do not invent a separate “AUM under management” marketing total distinct from Minfin’s volume / liquid prints. Do not promote secondary SWF league-table USD figures over Minfin RUB.

Annex: Book structure 1 August 2026

All figures below are transcribed from Minfin’s 10 August 2026 informational message unless noted. Units are million RUB except where another currency is stated.

Bank of Russia separate accounts

• Chinese yuan: 189,683.3 million CNY
• Unallocated gold: 141,241.7 kg

VEB.RF

• Deposits and subordinated deposits: 1,322,890.9 million RUB

Foreign sovereign debt (separate Government decision; no LT rating requirement)

• 3,000.0 million USD

Russian issuer bonds (selected lines)

• Russian Highways (Avtodor): 517,037.3
• NLK-Finance: 250,666.6
• Aviakapital-Service: 174,815.5
• Territory Development Fund (PPT): 148,725.1
• GTLK: 182,609.5
• VK LLC: 60,000.0
• Rostec State Corporation: 503,485.9
• Infrastructure Investments-4: 4,050.0
• Other Russian issuers: 63,700.0 RUB + 1,875.4 million USD + 10,000.0 million CNY

Russian equities (selected lines; market value where footnoted)

• Russian Railways preferred: 722,141.3
• DOM.RF ordinary: 218,329.1
• Aeroflot ordinary: 77,321.4
• GTLK ordinary: 58,334.0
• Atomenergoprom preferred: 57,500.0
• Sberbank ordinary: 3,105,705.4
• VTB Bank ordinary: 211,519.7
• Gazprombank preferred: 194,954.0
• Rosselkhozbank preferred: 25,000.0

Subordinated deposits at banks

• Gazprombank: 204,285.9
• Sberbank: 94,423.4
• VTB: 293,401.0
• Sovcombank: 29,635.1

July 2026 new placements included 2,324.2 million RUB into GTLK bonds for preferential leasing of civil water-transport vessels and 773.9 million RUB VEB deposit for Saint Petersburg Metro rolling stock. Partial bond redemptions and early VEB returns across Moscow Metro KZhTs programmes and urban electric-transport projects in Yaroslavl, Perm, Lipetsk, Kursk and Krasnodar are listed in the same message.

Annex: Mid-2026 placement operations

Opened monthly messages for May–July 2026 (press dates 3 June, 3 July, 10 August 2026) show a repeating pattern: new VEB project deposits and GTLK/Rostec/other issuer bond purchases; scheduled partial redemptions; occasional early VEB returns; conversions between rubles, CNY and gold; and small co-financing transfers for voluntary pension savings onto the unified federal budget account.

June 2026 (message covering through 30 June): placements included 92,146.3 million RUB into Rostec bonds; 773.9 million RUB VEB deposit (Saint Petersburg Metro); 570.1 million RUB VEB deposit (Yaroslavl urban electric transport, to February 2043, 5% quarterly); 268.4 million RUB VEB deposit (Perm urban electric transport, to December 2042, 5% quarterly); 121.3 million RUB GTLK bonds (civil water-transport leasing). Avtodor and other issuers executed partial redemptions as detailed in that message.

May 2026 (message covering through 31 May): 757.2 million RUB VEB deposit (Saint Petersburg Metro); 115.5 million RUB GTLK bonds (water-transport leasing). Partial redemptions included Aviakapital-Service 1,718.6 million RUB (domestic aircraft preferential leasing project); GTLK lines across public-transport rolling stock, helicopter leasing, Far East carrier aircraft, and water-transport programmes; NLK-Finance 1,020.1 million RUB; Avtodor 307.0 million RUB.

July 2026: see Scale section and Holdings annex for placements, redemptions, early VEB returns, gold/CNY conversions, and the 0.1 million RUB pension co-financing transfer.

These operational details matter because they show NWF functioning as a fiscal deployment channel into Government-approved infrastructure and corporate balance sheets, not only as a liquid FX buffer.

Annex: 2025 income and yields

Source: Minfin informational message on NWF placement results in 2025 (published 10 April 2026). Figures are official published lines—not UAO calculations.

Income credited to the federal budget in 2025

• Total from permitted financial assets: 653,273.31 million RUB
• Of which interest on FX accounts at the Bank of Russia: 7,458.09 million RUB
• Of which income from other financial assets: 645,815.22 million RUB
• Of which dividends on Sberbank ordinary shares: 393,464.63 million RUB

Yields for 2025 (selected published lines)

• BoR accounts — basket of permitted FX and unallocated gold: 0.21% p.a. (0.95% p.a. since fund creation)
• BoR accounts — measured in RUB: 0.17% p.a. (11.93% p.a. since fund creation)
• CNY account at BoR: 0.35% p.a.
• Gold account: no interest on balances under Decree No. 18; income from buy/sell at BoR accounting prices
• VEB.RF deposits and subordinated deposits (RUB): 6.05% p.a.
• Russian issuer RUB bonds (aggregate): 2.48% p.a.
• Avtodor: 4.05%; NLK-Finance: 1.50%; Aviakapital-Service: 1.50%; Territory Development Fund: 3.00%; GTLK: 1.84%; VK: 3.00%; Rostec: 1.50%; Infrastructure Investments-4: 9.59%; other Russian issuers: 1.50%
• Russian issuer USD bonds: 4.30% p.a.
• Russian issuer CNY bonds: 5.00% p.a.
• Russian equities (aggregate): 13.97% p.a.
• RZD preferred: 1.53%; DOM.RF ordinary: 10.46%; Aeroflot ordinary: 12.16%; GTLK ordinary: 1.20%; Atomenergoprom preferred: 2.69%; Sberbank ordinary: 18.39%; VTB preferred: 26.54% (plus further equity lines as printed in the full message)

Researchers comparing NWF “returns” to independent SWF total-fund IRRs should note that Minfin publishes instrument-class yields and budget-credited income, not a single GIPS total-fund time-weighted return for an open-ended client composite.

Annex: Legal and reporting stack

Opened Minfin legal-framework index for NWF lists, among others:

• Budget Code of the Russian Federation — Chapter 13.2 on use of federal budget oil and gas revenues; articles 96.10 and 96.11 referenced in About FAQ
• Government Decree No. 18 of 19 January 2008 “On the procedure for managing National Wealth Fund assets,” with later amending decrees (e.g., No. 413 of 5 April 2017 and others listed on the legal page)
• Multiple federal laws amending Budget Code / crisis and co-financing frameworks (legal index lists include Nos. 63-FZ/2007, 56-FZ/2008, 173-FZ/2008, 310-FZ/2008, 168-FZ/2009, 12-FZ/2010, 101-FZ/2010, 206-FZ/2010, 245-FZ/2010, and others as catalogued)
• Minfin orders amending base 2008 orders (examples on the legal page include orders through 2021 amending Orders Nos. 24 and 26 of January 2008)
• Presidential budget addresses (historical) catalogued under the same legal framework section

Reporting cadence (About FAQ + EN Reporting and audit): monthly informational messages; monthly/quarterly/annual reports to Government; Government quarterly and annual reports to both chambers of Parliament within federal budget execution reporting on oil/gas revenues and NWF formation/use/management; Accounts Chamber quarterly operational reports to the Federal Assembly including NWF facts.

Statistics: “Data on the movement of funds and results of managing NWF assets” xlsx (published/updated 17 August 2026 on the Statistics subsection) tracks period volumes, inflows (including placement income), withdrawals, end-period volume, GDP share, USD reference volume, budget-credited placement income, estimated BoR-account income, and currency/gold sleeve notes including Sberbank (from April 2020) and Aeroflot (from October 2020) market-value inclusion footnotes.

Annex: Eligible assets (EN Investment management)

The live English Investment management page publishes a table of eligible financial assets under the Budget Code, Government limits, and Ministry of Finance regulatory shares (foreign-currency column and Russian-ruble column). Opened values:

Government requirements on the same page include eligible foreign sovereign issuers (Austria, Belgium, Canada, Denmark, Finland, France, Germany, Luxembourg, Netherlands, Spain, Sweden, United Kingdom, USA); rating floors (foreign AA-/Aa3 or better; Russian BBB-/Baa3 or better, lowest rating prevails); fixed maturity, non-callable/non-put (foreign) features; fixed coupons and face values; denomination in RUB, USD, euro or GBP with payments in face currency; minimum outstanding issue sizes; and public (not private) placement. Supranational issuers listed include ADB, CEB, EBRD, EIB, IADB, IBDD/IBRD, IFC, Nordic Investment Bank (as printed).

Honesty note: these EN framework tables coexist with a live August 2026 book dominated by CNY, gold, domestic equities/bonds and VEB deposits. Cite framework and live composition as distinct official layers.

Annex: Liquid vs total

Minfin explicitly defines liquid assets of the Fund as funds on bank accounts with the Bank of Russia. As at 1 August 2026 those liquid assets were 3,692,785.4 million RUB (46,242.3 million USD; 1.6% of forecast GDP), while total volume was 12,720,845.3 million RUB (159,294.7 million USD; 5.4% of forecast GDP).

Implication for researchers and league tables: a headline that quotes only the liquid sleeve understates the official total volume by roughly the domestic and other non-BoR-account book (VEB deposits, Russian bonds and equities, subordinated bank deposits, and the separate foreign sovereign debt line). Conversely, treating the entire total as immediately deployable FX liquidity would overstate liquid resources. Always pair the two Minfin metrics.

July 2026 conversions (1,632.2 million RUB → 158.9 kg gold; 529.7 million RUB → 47.1 million CNY) illustrate active management inside the liquid sleeve itself.

Annex: SWF / fiscal peers

Within the UAO Top 100 set, NWF is best compared to other oil-linked fiscal/stabilization sovereign funds and large state investment arms, while respecting mandate differences:

• NBIM / Government Pension Fund Global — independent operational manager with extensive holdings transparency; different legal design from a Minfin-run federal-budget fund.
• Kuwait Investment Authority — classic SWF architecture; not a Minfin monthly-message disclosure model.
• Public Investment Fund (Saudi Arabia) — developmental SWF with corporate holdings; different governance.
• China Investment Corporation — corporate SWF manager; compare only at high level.
• Skipped thin-disclosure peers (SAFE, Kuwait PIFSS, TRS Texas) remain out of the live institution sitemap—do not treat absence as a ranking.

NWF’s distinguishing official features in this corpus are: Minfin fiscal ownership; monthly RUB volume and liquid prints; CNY+gold BoR sleeve; large domestic equity/bond/VEB book; and absence of a named fund CIO seat.

Annex: Ministry of Finance framing

Because NWF is managed inside the Ministry of Finance, institutional context includes the Ministry’s broader public-finance mandate (federal budget, debt, tax/customs policy coordination with services, etc.). Official Minfin site address: 109097, Moscow, Ilyinka 9. Public switchboard numbers appear on Minfin pages but are omitted from this Registry profile under UAO public-safe practice.

SameAs candidates limited to official properties: minfin.gov.ru, the Russian NWF hub, and the English National Wealth Fund policy hub. Do not add unverified social handles as Organization sameAs without confirming official ownership.

Person SSR linkage is appropriate for Anton Siluanov as Minister of Finance. No UAO person SSR is asserted here for deputy ministers unless separately verified and shipped.

FAQ

What is the Russian National Wealth Fund?

The Russian National Wealth Fund (Фонд национального благосостояния, ФНБ; also National Wealth/Welfare Fund on Minfin English pages) is part of the federal budget funds subject to separate accounting and management. Official purposes include co-financing voluntary pension savings of Russian citizens and balancing (covering deficits of) the federal budget and the Pension Fund of the Russian Federation. It accumulates part of oil and gas revenues when oil prices exceed plan. Primary hub: https://minfin.gov.ru/ru/perfomance/nationalwealthfund/.

How large is the Fund in official rubles?

Prefer official RUB. As at 1 August 2026, Minfin reported total volume of 12,720,845.3 million rubles (5.4% of 2026 forecast GDP), Minfin-equivalent to 159,294.7 million US dollars. Liquid assets on Bank of Russia accounts were 3,692,785.4 million rubles (1.6% of forecast GDP), or 46,242.3 million US dollars. An INST ~US$130 billion estimate is stale as a headline versus these Minfin prints.

Who manages the National Wealth Fund?

The Government of the Russian Federation sets management rules; the Ministry of Finance exercises direct management; separate powers may be assigned to the Bank of Russia. There is no official “NWF Chief Investment Officer” title on the opened Minfin pages.

Who is Anton Siluanov in relation to the Fund?

Anton Germanovich Siluanov is Minister of Finance of the Russian Federation (official Minfin leadership and biography: Minister 2011–2018; First Deputy Prime Minister–Minister of Finance 2018–2020; Minister again since 2020). UAO person SSR: anton-siluanov. Do not invent a fund CIO or fund CEO title for him.

What sits in the liquid sleeve?

As at 1 August 2026, separate Bank of Russia NWF accounts held 189,683.3 million Chinese yuan and 141,241.7 kg of unallocated gold. Minfin defines liquid assets as funds on Bank of Russia accounts, totalling the equivalent of 3,692,785.4 million rubles on that date.

Does the Fund hold Sberbank shares?

Yes. The 1 August 2026 Minfin message lists ordinary shares of Sberbank at 3,105,705.4 million rubles market value (MOEX weighted-average price 31 July 2026 footnote). Statistics notes state Sberbank ordinaries have been included in NWF at market value since April 2020. 2025 dividends on those shares credited 393,464.63 million rubles to federal budget income from NWF placements.

What were 2025 placement incomes and yields?

Minfin’s 10 April 2026 message reports 653,273.31 million rubles of 2025 income to the federal budget from NWF placements. Selected yields include 0.21% p.a. on the BoR FX+gold basket, 6.05% on VEB RUB deposits, 2.48% aggregate on Russian RUB bonds, and 13.97% aggregate on Russian equities (Sberbank ordinary 18.39%).

Is NWF the same as the old Reserve Fund?

No. Official About FAQ: the 2004 Stabilization Fund was split in 2008 into a Reserve Fund and the National Wealth Fund; in 2018 the Reserve Fund became part of the National Wealth Fund. Older English Accumulation text describing Reserve Fund caps is historical colour.

What law governs management?

Core references on opened pages include Budget Code articles 96.10 and 96.11 / Chapter 13.2 on oil and gas revenues, and Government Decree No. 18 of 19 January 2008 on the procedure for managing NWF assets, as amended. Minfin orders and further federal laws are catalogued on the NWF legal-framework index.

Where are primary documents published?

Start at https://minfin.gov.ru/ru/perfomance/nationalwealthfund/ for About, legal acts, statistics, and informational messages. English policy pages live under https://minfin.gov.ru/en/policy_issues/nationalwealthfund/. Monthly messages also appear in the Press Centre.

Is there a fund CEO or CIO?

Opened Minfin primaries do not appoint a National Wealth Fund CEO or CIO. Management is a Ministry of Finance function under Government rules, with possible Bank of Russia operational roles. Do not invent those seats.

Does this profile embed an official NWF video?

No. This pass did not confirm a dedicated official NWF portfolio video suitable for VideoObject. MoF press videos featuring the Minister are not treated as NWF fund media here.

Sources & further reading

1. Minfin — Фонд национального благосостояния hub: https://minfin.gov.ru/ru/perfomance/nationalwealthfund/
2. Minfin informational message on placement results (1 Jan–31 Jul 2026), 10 August 2026: press-center id_4=40528
3. Minfin informational message on 2025 placement results, 10 April 2026: press-center id_4=40285
4. Minfin NWF Statistics (xlsx “Данные о движении средств…”, updated 17 August 2026): statistics
5. Minfin EN — National Wealth Fund: EN hub; Investment management; Accumulation; Expenditure; Reporting and audit
6. Minfin leadership — Anton Siluanov bio: management id_4=5
7. Minfin NWF legal framework index (Budget Code Ch. 13.2; Decree No. 18/2008; federal laws; Minfin orders)
8. UAO person SSR: Anton Siluanov

Secondary press that merely republishes Minfin totals (Interfax, TASS relays, etc.) was used only as discovery pointers—figures above are from opened Minfin primaries.

Completeness note

This elite profile is built from opened minfin.gov.ru primaries (About FAQ, monthly and 2025 informational messages, EN Investment management / Accumulation / Expenditure / Reporting pages, statistics workbook metadata, legal index, and Ministry leadership pages). Target is ~10,000 sourced words without padding.

Non-blocking expansions for a later pass: full bilingual translation annex of every 2026 monthly message; deeper scrape of historical volume series from the xlsx into a long-run table; any future official NWF video for VideoObject; reconciliation if Minfin ever publishes a named investment-committee roster distinct from Ministry leadership; English refresh if Minfin updates EN Accumulation/management pages to match the live CNY/gold sleeve.

Daily-refresh remains disabled. Desk hydrate assets were not modified.

Annex: About FAQ depth (27 December 2023)

Minfin’s NWF hub publishes a structured About FAQ. Key opened answers, paraphrased closely to the official Russian text:

What is the Fund and why does it exist? It is an important element of the budget system. It accumulates part of oil and gas revenues formed because the oil price is higher than planned. Saving those revenues helps reduce commodity dependence of the Russian economy, maintain macroeconomic stability, finance deficits of the federal budget and the Pension Fund, and manage state financial resources more effectively. The principle of saving additional oil and gas revenues has operated since 2004 (Stabilization Fund), with the 2008 split and 2018 Reserve Fund consolidation noted above.

From which revenues is the Fund filled? Additional oil and gas revenues of the federal budget under the Government-established procedure, and income from managing Fund assets. Oil and gas revenues include MET on oil, gas and condensate; export duties on oil, gas and goods produced from oil; tax on additional income from hydrocarbons; and the excise on oil feedstock sent for processing.

Who manages? Government sets rules; Ministry of Finance manages directly; Central Bank may receive separate powers. Objectives: preservation and stable long-term income from placements.

How is preservation ensured? Conservative strategy. Permitted holdings include FX and gold on Central Bank accounts; foreign sovereign, agency and central-bank debt; international financial institution debt; bank deposits including for repayable infrastructure projects; VEB.RF deposits including real-economy projects; debt and equities of legal entities including infrastructure-linked names; and investment-fund units under the RDIF federal-law framework. Government sets maximum shares and reliability requirements (example given: not all states’ debt—only some, such as USA, China, Germany, France and others as examples in the FAQ).

How often does Minfin report? Monthly informational messages in Russian and English on year-to-date placement results, Fund size, actual structure and latest operations; messages also on the Press Centre; monthly/quarterly/annual reporting to Government; Government quarterly and annual reports to State Duma and Federation Council; Accounts Chamber control and quarterly operational reports to the Federal Assembly.

Annex: EN Investment management narrative

Beyond the eligible-asset table, the English Investment management page states that when assets are allocated to Federal Treasury accounts with the Bank of Russia, interest is paid according to a bank-account agreement using a calculation and transfer procedure approved by the Ministry of Finance, equivalent to the yield of total-return indices composed of financial assets meeting Government-approved requirements.

Debt-security terms on the opened page require fixed maturity dates; securities shall not be redeemable or callable; foreign issuers’ securities shall have no put option; Ministry of Finance maturity requirements are mandatory; coupon rates and face values shall be fixed; face value shall be denominated in rubles, US dollars, euro or GB pounds with payments in the face currency; minimum outstanding issue sizes are 1 billion rubles, 1 billion US dollars, 1 billion euro, or 0.5 billion GB pounds as applicable; and issues shall not be private placements.

These English requirements sit alongside live August 2026 disclosures of CNY balances, gold kilograms, and extensive Russian corporate/state issuer bonds and equities—illustrative of how statutory eligibility, Minfin regulatory shares, and realized book composition can diverge over time while remaining official layers of the same Fund.

Management objectives explicitly allow short-term negative returns while pursuing long-term preservation and stable return—language that matters when interpreting FX and gold revaluation lines (for example the −73,111.2 million RUB gold revaluation component inside the +67,217.9 million RUB aggregate revaluation for 1 Jan–31 Jul 2026).

Annex: Accumulation mechanics (EN)

The English Accumulation page explains the oil and gas transfer: each year part of oil and gas revenues finances federal budget expenditures; the transfer size is set by the federal budget law for the year and planning period as an absolute amount determined as 3.7% of forecast GDP in the corresponding year (as printed on the opened page). After the transfer is fully executed, remaining oil and gas revenues historically accumulated in the Reserve Fund up to a regulatory size equal to 10% of forecast GDP; amounts above that cap transferred to the National Wealth Fund.

Footnotes on the same page describe temporary 1 January 2010–1 January 2014 (and related) rules under which regulatory Reserve Fund size was not constituted, oil and gas revenues were deployed to finance expenditures rather than fill the funds, returns were not reinvested into the Fund, and separate oil/gas revenue accounts were not carried—citing Federal Law No. 245-FZ of 30 September 2010. Those footnotes are historical. Live filling and use today should be read from current Budget Code provisions, Decree No. 18, the federal budget law (e.g., No. 426-FZ for 2026), and monthly Minfin messages.

Other cash proceeds of the Fund are returns from asset management. Oil and gas revenues, the Reserve Fund (historical), and the National Wealth Fund are accounted on separate federal budget accounts of the Federal Treasury with the Bank of Russia (subject to the historical footnote exceptions).

Annex: July 2026 income credited to the budget

The 10 August 2026 message lists incomes received by the federal budget in July 2026 from Fund placements:

• VEB.RF deposits: 3,590.5 million RUB (45.9 million USD equivalent)
• Securities of Russian issuers linked to self-supporting infrastructure projects on the Government-approved list: 1,434.7 million RUB (18.4 million USD)
• NLK-Finance bonds: 166.8 million RUB (2.2 million USD)
• Sberbank subordinated deposit: 16.3 million RUB (0.2 million USD)
• VTB subordinated deposits: 16.1 million RUB (0.2 million USD)
• Gazprombank subordinated deposit: 14.4 million RUB (0.2 million USD)
• Sovcombank subordinated deposit: 5.1 million RUB (0.1 million USD)
• Securities of other Russian issuers: 834.8 million RUB (10.9 million USD)

Aggregate income from permitted financial assets excluding Bank of Russia account funds in 2026 through that message: 95,617.3 million RUB (1,234.9 million USD). Estimated FX-account income recalculated to USD for 15 December 2025–31 July 2026: 62.2 million USD (4,966.4 million RUB).

These lines show how NWF “performance” in Minfin’s disclosure system is often expressed as cash income to the federal budget by instrument sleeve, plus separate revaluation accounts for FX and gold—not as a single client-report total return percentage for an external beneficiary class.

Annex: Reporting and audit (EN page)

English Reporting and audit states that the Ministry of Finance monthly reports on inflow and outflow of oil and gas revenues of the federal budget, the value of National Wealth Fund assets at the beginning of the reporting month, inflows and outflows to the Fund, and allocation of Fund assets in the reporting month. Historical footnotes note that from 1 January 2010 to 1 January 2014 the Ministry did not report oil/gas revenue flows or inflows to the Fund under temporary law.

Within the federal budget execution report, the Ministry quarterly provides the Government with reports on oil/gas revenue flows and on management and use of NWF assets. The Government provides both chambers of Parliament with reports on oil/gas revenue flows and on accumulation, management and allocation of NWF assets. Accounts Chamber examines accumulation, expenditure and management of NWF assets in the course of federal budget execution and quarterly reports to the chambers with information on incomes and expenses including NWF formation, expenditure and management.

This audit design embeds NWF inside the public-finance control cycle rather than an asset-owner board audit committee alone—consistent with the fiscal-vehicle framing used throughout this profile.

Annex: Expenditure authorities (EN)

EN Expenditure limits spending of NWF assets to co-financing voluntary pension savings of Russian citizens and balancing the Pension Fund of the Russian Federation budget, with amounts set in the federal budget law for the corresponding fiscal year and planning period. Co-financing terms reference Federal Law No. 56-FZ of 30 April 2008 on additional insurance premiums to the accumulation part of retirement pension and state financing backing of pension savings.

A historical footnote (Federal Law No. 245-FZ of 30 September 2010) describes temporary authority through 1 January 2014 for the Government to withdraw and deploy NWF assets—including when overall federal expenditures were exceeded—to pay off debt, reduce borrowings, and balance the federal budget within increases of budget allocations for intergovernmental transfers maintaining balance of state extrabudgetary funds, without amending the federal budget law. That footnote is statute history. Live July 2026 operations show a concrete small co-financing transfer: 0.1 million RUB credited to the unified federal budget account for co-financing pension savings of insured persons who paid additional insurance contributions.

Annex: FX and gold revaluation (YTD 2026)

For 1 January–31 July 2026, Minfin reports aggregate exchange-rate differences on FX-denominated Fund assets and revaluation of gold at 67,217.9 million RUB, including:

• Balances on FX and gold accounts at the Bank of Russia: 52,666.1 million RUB (FX +125,777.3; gold −73,111.2)
• Foreign sovereign debt held under the separate Government decision without LT rating requirement: +4,891.8 million RUB
• FX-denominated securities of Russian issuers: +9,660.0 million RUB

Gold’s negative revaluation contribution in the same window where Minfin continued converting rubles into gold (158.9 kg in July alone) is an official reminder that the conservative preservation mandate still admits mark-to-market volatility on the gold sleeve.

Annex: Sberbank and bank exposures

Sberbank ordinary shares are the single largest named equity line in the 1 August 2026 message at 3,105,705.4 million RUB market value, with statistics footnotes dating market-value inclusion to April 2020. 2025 dividends on those shares alone were 393,464.63 million RUB—a material share of the 653,273.31 million RUB total 2025 placement income to the budget.

Other bank-linked exposures in the same message include VTB ordinary shares 211,519.7; Gazprombank preferred 194,954.0; Rosselkhozbank preferred 25,000.0; and subordinated deposits at Gazprombank 204,285.9, Sberbank 94,423.4, VTB 293,401.0 and Sovcombank 29,635.1 (million RUB). Combined with VEB.RF deposits/subordinated deposits of 1,322,890.9 million RUB, the Fund’s non-liquid book is heavily exposed to Russian state-linked financial institutions and development finance—again a fiscal-policy feature, not a diversified global public-markets SWF sleeve.

Annex: Infrastructure and corporate project channels

Named infrastructure and corporate channels recurring across opened 2026 messages include:

• GTLK — bonds for preferential leasing of civil water-transport vessels; public-transport rolling stock leasing; helicopter leasing; Far East carrier aircraft; equity holding in GTLK ordinary shares
• VEB.RF project deposits — Saint Petersburg Metro rolling-stock renewal (to August 2047, 5% monthly); urban electric-transport property complexes in Yaroslavl, Perm, Lipetsk, Kursk; Krasnodar ground electric-transport infrastructure; Moscow Metro wagon leasing programmes (KZhTs-1 and KZhTs-2) with early returns in July
• Avtodor (Russian Highways) — large bond balance; redemptions tied to projects such as Kazan–Yekaterinburg (Dyurtyuli–Achit section) in earlier 2026 messages
• Territory Development Fund (PPT) — programme financing construction, reconstruction and modernization of infrastructure objects using NWF-origin funds
• Aviakapital-Service — preferential leasing of domestic aircraft
• Rostec — large June 2026 bond placement (92,146.3 million RUB in the June message)
• NLK-Finance, VK LLC, Infrastructure Investments-4 — additional issuer lines with published balances and/or yields

Partial redemptions and early deposit returns recycle capital inside the Fund while new placements continue—consistent with a revolving policy portfolio rather than a buy-and-hold global index fund.

Annex: Valuation methodology notes

Minfin’s August 2026 message closes by stating that Fund volume indicators and the estimated income from placements are calculated using official Bank of Russia foreign-exchange rates and gold accounting prices set on the date preceding the reporting date, and cross-rates calculated from those rates. Equity lines footnoted to market value use the weighted-average share price from Moscow Exchange trading on 31 July 2026 where indicated.

Statistics workbook footnotes (opened shared-string metadata) note that from April 2020 Sberbank ordinary shares and from October 2020 Aeroflot ordinary shares are included in NWF at market value based on weighted-average prices; other footnotes reference one-off credit events such as funds credited from sale of ZapSibNeftekhim bonds (March 2022 context in the note text) and partial Yamal LNG bond redemption (March 2023 context). Those footnotes belong to the official time series—not to secondary commentary.

Annex: Why researchers open this page

For Universal Asset Owners Registry users, NWF is a high-signal case of a sovereign fiscal fund with unusually frequent official volume disclosure (monthly) but without the independent-manager governance package (named CIO, board investment committee minutes, GIPS composites, full look-through equity file) that characterises peers such as NBIM. The live questions this profile answers from primaries alone are: (1) what RUB total and liquid prints Minfin stands behind on a dated basis; (2) how the liquid CNY/gold sleeve relates to the larger domestic book; (3) how income shows up in the federal budget; (4) who legally manages the Fund and who must not be mis-titled as fund CIO; (5) which statutes and decrees to open next.

Influence Index, if referenced elsewhere on UAO, remains an editorial composite—not a Minfin rating and not part of this institution’s official disclosure.

Closing

The Russian National Wealth Fund is best read as a Ministry of Finance oil-revenue fiscal instrument with dated official RUB (and Minfin USD-equivalent) volume, a defined liquid BoR sleeve in CNY and gold, a large domestic financial and infrastructure book, and a governance chain that runs Government → Ministry of Finance → Bank of Russia accounts/operations—not as a free-standing asset-management firm. Prefer the 1 August 2026 Minfin prints for scale; prefer Anton Siluanov’s official title as Minister of Finance; omit invented CIO seats; omit VideoObject until an official NWF video is confirmed.

Annex: Supranational and foreign issuer lists (EN)

Opened English Investment management text lists eligible foreign states for sovereign, agency and central-bank debt as: Austria; Belgium; Canada; Denmark; Finland; France; Germany; Luxembourg; the Netherlands; Spain; Sweden; the United Kingdom; the USA. Supranational debt issuers listed include: Asian Development Bank (ADB); Council of Europe Development Bank (CEB); European Bank for Reconstruction and Development (EBRD); European Investment Bank (EIB); Inter-American Development Bank (IADB); International Bank for Reconstruction and Development (IBRD); International Finance Corporation (IFC); Nordic Investment Bank (as named on the page).

Whether any of those foreign/supranational lines are materially present in the live 1 August 2026 book is a separate question answered by the Minfin monthly message, which currently highlights a 3,000 million USD foreign-sovereign line under a separate Government decision without the usual long-term rating requirement, alongside the CNY/gold BoR sleeve—not a broad G7 coupon portfolio. Eligibility lists and realized holdings must be cited as different official facts.

Deposit eligibility on the EN page covers banks and depository institutions plus State Corporation “Bank of development and foreign-economic activity (Vnesheconombank)”—the legal ancestor name for today’s VEB.RF channel that remains heavily used in 2026 monthly placement messages.

Annex: GDP shares and budget-law anchor

Minfin anchors both total and liquid metrics to forecast GDP for 2026 under Federal Law No. 426-FZ of 28 November 2025 “On the federal budget for 2026 and the planning period 2027 and 2028.” As at 1 August 2026: total Fund 5.4% of that forecast GDP; liquid assets 1.6%. Expressing the Fund as a share of forecast GDP is part of Minfin’s official framing and should be retained alongside nominal RUB figures.

English Accumulation’s older 3.7% of GDP oil-and-gas transfer rule and 10% of GDP Reserve Fund cap are separate budget-rule parameters from a different (partly historical) page layer. Do not mix the 2026 5.4%/1.6% volume shares with the Accumulation-page transfer/cap percentages without labelling which instrument each percentage describes.

Annex: Path of the Fund through mid-2026

Secondary relays of Minfin data (used only as discovery, with figures checked against Minfin) described a July decline of about 383.3 billion RUB after June growth of about 148.9 billion RUB, taking the Fund from roughly 13.104 trillion RUB on 1 July to 12.721 trillion RUB on 1 August. Prefer opening each month’s Minfin informational message for authoritative path points rather than relying on wire summaries.

Opened June and July messages themselves supply the operational drivers: large Rostec bond placement in June; ongoing VEB project deposits; scheduled redemptions; July gold and CNY conversions; and the revaluation and income accounts summarised elsewhere in this profile. The combination of policy placements and mark-to-market moves on gold/FX/equities means month-to-month RUB volume changes are not interpretable as a single “performance” number.

Annex: Official names and language

Russian official name: Фонд национального благосостояния (abbreviation ФНБ). English renderings on minfin.gov.ru include National Wealth Fund (section titles, statistics) and National Welfare Fund (definitional paragraph on the EN hub). This UAO profile uses Russian National Wealth Fund as the H1 English display name, with ФНБ / National Wealth Fund / National Welfare Fund as alternate names in schema and body. Do not invent marketing brand names beyond those official strings.

Ghost meta title may include the UAO Top 100 brand query shape; the on-page H1 must not.

Annex: Governance implications for data users

Because management sits inside the Ministry of Finance, NWF data releases follow the Ministry’s press-centre and document-library patterns: informational messages with dense numerical appendices; DOCX/XLSX attachments; Russian-first publication with English policy pages that may lag compositional change. Users building time series should prefer the statistics xlsx and the dated monthly messages over undated secondary league tables.

Deputy Minister remits (for example Kolychev’s public-debt and state-financial-assets department) help map internal responsibility but still do not create external fund-executive titles. UAO will not fabricate org-chart boxes that Minfin does not publish.

Accounts Chamber oversight links NWF verification to the same control system that watches federal budget execution—another reason this profile’s schema uses GovernmentOrganization alongside Organization.

Annex: Reading the portfolio without over-claiming

Opened primaries support precise statements about named issuer balances, VEB project deposits, CNY and gold kilograms, and budget-credited income by sleeve. They do not, on this pass, support: a full look-through list of every small “other Russian issuer” line inside the 63,700 million RUB / 1,875.4 million USD / 10,000 million CNY residual; a geographic risk dashboard beyond what the currency and issuer names imply; ESG scores; or private-markets IRR waterfalls.

Where the August message groups “other Russian issuers,” this profile repeats that grouping rather than guessing constituents. Where EN management lists eligible foreign states, this profile repeats eligibility rather than asserting current holdings. That discipline is the difference between an elite primary-sourced SSR and a padded speculative brief.

Annex: Stabilization heritage

The 2004 Stabilization Fund → 2008 dual Reserve/NWF → 2018 consolidated NWF path is the official institutional memory on the About FAQ. It explains why English pages still contain Reserve Fund archive links and why statistics sections retain Reserve Fund historical documents. For Top 100 narrative purposes, NWF is the surviving consolidated vehicle; Reserve Fund pages are archival context.

Co-financing of voluntary pension savings remains an explicit statutory purpose even when monthly co-financing transfers are numerically tiny relative to trillion-ruble volume (0.1 million RUB in July 2026). Purpose clauses and flow sizes should not be confused.

Annex: Registry cross-links and corrections

Internal Registry links for peer context include NBIM, CIC, KIA and PIF institution SSR pages already live on universalassetowners.com. Careers Intelligence and sovereign-wealth thematic hubs may reference NWF as a fiscal SWF archetype; this institution page remains the canonical SSR for mandate, RUB scale and leadership honesty.

Corrections and primary-document tips: info@universalassetowners.com. If Minfin publishes a later monthly message that revises volume, liquid assets, or named issuer lines, the dated 1 August 2026 figures in this profile should be read as point-in-time primaries pending refresh—not as perpetual constants.

Annex: Decree No. 18 as the management spine

Government Decree No. 18 of 19 January 2008 “On the procedure for managing means of the National Wealth Fund” is the repeatedly cited spine for both the Russian About FAQ (“what to read next”) and the English Investment management footnotes. Amending acts listed on Minfin’s legal index (including Decree No. 413 of 5 April 2017 and further Government resolutions and directives catalogued there) adjust the procedure over time. Minfin orders amending 2008 base orders (Nos. 24 and 26 and successors through at least 2021 on the opened index) operationalize Ministry-level detail.

When the 2025 yield message states that gold accounts pay no interest under Decree No. 18, that is a direct statutory/procedural consequence, not an editorial interpretation. Similarly, eligible-asset maxima and reliability screens flow from the Budget Code plus Government procedure rather than from a board investment policy statement of the sort published by independent Crown managers.

Researchers tracing a rule change should open the legal-framework index chronologically and then confirm whether monthly messages’ live book still reflects the prior or amended constraints—especially for foreign-currency eligibility versus the observed CNY/gold concentration.

Annex: Public communications adjacent to NWF

Minfin’s NWF news modules interleave Fund informational messages with Minister of Finance communications (for example the 13 May 2026 item “Anton Siluanov: for us the ruble is the most reliable currency” and a June 2026 VK Video studio appearance listed beside Fund messages). Those items are official MoF press products. This profile may note their adjacency on the NWF news rail but does not convert them into Fund portfolio metrics, VideoObject candidates, or investment-policy statements unless the underlying transcript independently qualifies—which it did not on this pass for VideoObject purposes.

The editorial rule: Fund scale, structure, income and eligible assets come from Fund informational messages, statistics files, Budget Code/Decree pages, and the About FAQ; ministerial interviews remain labelled as ministerial communications.

Annex: Final primary checklist

Before relying on this SSR in downstream research, reopen: (1) the latest Minfin informational message for an as-of date newer than 1 August 2026; (2) the statistics xlsx dated on or after 17 August 2026; (3) the leadership page if Minister or deputy remits change; (4) EN Investment management if Minfin refreshes regulatory shares or currency examples; (5) Budget Law successors after No. 426-FZ when citing GDP shares. Primary URLs are listed in Sources.

Word-count bar for this ship targets ~10,000 sourced words from the opened corpus above. Completeness expansions remain non-blocking.

Annex: Contact and document hygiene

Official site materials are licensed under Creative Commons Attribution 4.0 International on Minfin’s English footer. Russian pages carry the Ministry’s standard site chrome. When citing, prefer permalink patterns that include document ids (press-centre id_4=…; document id_4=…) because title-only URLs can rotate. The August 2026 DOCX attachment FNB_na_01.08.2026.docx mirrors the HTML informational message and is useful as a durable offline primary alongside the press HTML.

UAO does not republish Minfin PDFs/DOCX inside Ghost assets on this ship; outbound links point researchers to the official files. Statistics users should download the xlsx from the Statistics subsection rather than scrape HTML tables that may paginate or truncate.

If a future pass adds VideoObject, require an official Minfin or Fund-labelled video with stable embed URL and upload date—not a third-party news clip about the Fund.

Annex: Ship locks recalled

This SSR ships with a single www canonical via Ghost post.canonical_url only; H1 equal to the institution display name without a UAO Top 100 pipe suffix; Organization plus GovernmentOrganization, WebPage, BreadcrumbList and FAQPage schemas; no VideoObject; daily-refresh disabled; desk JSON untouched at sha prefix a13480ec21c4dc98; theme uao 1.3.139; institution sitemap 2026-09-06aq with forty-four locations after AIMCo’s forty-third. Parent agents handle SEO pings; this ship does not message College of Cardinals.