Russia says it will pad its reserves with $3.2 billion of oil and gas proceeds to counter sanctions as the country faces its first default in over a century
Russia will bolster its government reserves with 273.4 billion rubles from its oil and gas sales, the Kremlin said on Sunday.
The funds will be used"to implement measures aimed at ensuring the stability of the economy in the face of external sanctions," theIt will fund the boost in reserves via"additional oil and gas revenues received in the first quarter of 2022," the statement continued. The Russian government's reserve fund was set up to finance unforeseen expenses and significant measures that were not factored into the national budget, according to the Kremlin's statement.
Russia is an energy powerhouse. The country accounts for 45% of the European Union's gas imports, according to theEnergy prices have soared this year on the back of the Ukraine war due to fears of trade disruptions over infrastructure damage and sanctions against Russia. The EU is trying to wean off Russian energy imports on the back of the country's atrocities in Ukraine. It's banning
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