More than three-quarters (78%) of institutional investors and wealth managers will increase
allocations to illiquid assets over the next five years with 10% making dramatic increases
Russia's war in Ukraine is draining state coffers, but the fiscal buffers Moscow has built up over the last two decades will be enough to last for years, even if oil prices slump as low as $60 a barrel. The liquid part of Russia's National Wealth Fund (NWF) has more than halved, falling by $58 billion since the February 2022 invasion of Ukraine, as the government used the money to finance its budget deficit and support state-owned companies. The NWF, a rainy-day fund of accumulated energy revenues, held $55 billion, or 2.7% of gross domestic product (GDP), as of Feb. 1, 2024, down from $112.7 billion, or 6.6% of GDP, as of Feb. 1, 2022, according to finance ministry data.
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