Experts say the sanctions will not increase the amount of money blocked from the NWF

Moscow, February 26 – The total amount of money withheld from the National Wealth Fund (NWF) should not change due to sanctions imposed by the European Union, since the Central Bank has already restructured its structure and refused to use the currencies of unfriendly countries, Anastasia Kucherena, managing partner from Key Consulting Group told the News Agency.

On Saturday, the European Union imposed sanctions on the National Welfare Fund, according to a document published in the Official Journal of the European Union. The EU indicated that the inclusion in the sanctions list is due to the fact that NWF funds in 2022 were used to cover the deficit in the federal budget of the Russian Federation during a special operation in Ukraine, and the government is preparing for this. Covering the budget deficit in 2023 and 2024 at the expense of these funds.

“In 2022, part of the NWF funds have already been frozen, the total amount of the frozen funds should not change, because the Central Bank has already restructured its structure and refused to use the currencies of unfriendly countries,” Kucherena said, noting that the NWF funds are actually owned by the government. It was planned to be used to cover the budget deficit.

It concluded that “how the new sanctions affect the economy will depend on well-coordinated action between the Ministry of Finance and the government.”