Russia boosts Reserve Fund assets by $30 billion

Ministry of Finance of the Russian Federation plans to transfer about 900 billion rubles ($30 billion) into the Reserve Fund, one of Russia's two sovereign wealth funds, according to a statement published on the finance ministry's website Monday.

The Reserve Fund, Moscow, which has about $60 billion in assets, is primarily used as a cushion to protect the national budget from volatile oil prices and is primarily invested in low-risk government securities in the U.S., eurozone and the U.K. Funding for the transfer from the finance ministry comes from oil and gas proceeds in 2012.

A second fund, the National Welfare Fund, Moscow, has about $88 billion in assets and is used to cover pension deficits. The NWF is also similarly invested in foreign government bonds.

Efforts to reach the finance ministry for further information were unsuccessful.