Photo: ukrinform
The Russian National Welfare Fund, which was worth $150 billion before the full-scale invasion of Ukraine in 2022, now has only $38 billion left. This was stated by the head of the Foreign Intelligence Service of Ukraine, Oleh Ivashchenko, in an interview with Ukrinform.
“The money is melting away. As of now, there is about $38 billion left,” Ivashchenko said.
According to him, the rest of the assets are illiquid securities that Russia cannot sell due to sanctions and restrictions on international markets.
In addition, Russia is actively selling off its foreign exchange reserves:
- Gold reserves fell from 2,300 tonnes to 1,700 tonnes;
- Chinese yuan – from 164 billion yuan – is also gradually decreasing.
At the same time, Ivashchenko notes that Russia’s military spending in the first three months of 2025 alone reached $5 billion, which is a critical burden for its economy.
“These are quite serious things for their economy. By the end of the year, Russia may face deep financial problems, a shortage of personnel and an energy crisis,” the NWR chairman added.
The Foreign Intelligence Service predicts that Russia will not avoid a systemic crisis in the housing and utilities sector, the fuel and energy complex, and the labour force.
