The key facts
- Total NWF volume as of November 1, 2026 — 13.06 trillion rubles (162.1 billion dollars, 5.6% of projected GDP).
- The liquid part fell from ~3.8 to 3.6 trillion rubles, i.e. by about 200 billion in a month.
- Earlier, the Finance Ministry said the fund could be replenished by up to 1 trillion rubles by the end of 2026 under favorable conditions.
The NWF grew in rubles, but its liquid funds continue to shrink
Russia's Ministry of Finance has published another report on the state of state reserves, according to which the total volume of the National Wealth Fund as of November 1, 2026 reached 13.06 trillion rubles, Life.ru reports. In currency terms, that is 162.1 billion dollars, or 5.6% of Russia's projected GDP for 2026.
Monthly dynamics: overall value rises while liquidity declines
The most notable changes occurred in the fund's liquid part — the funds held in accounts at the Bank of Russia. At the beginning of November their volume stood at 3.6 trillion rubles (44.4 billion dollars, 1.5% of expected GDP), whereas a month earlier it was about 3.8 trillion. Thus, over October liquid assets decreased by roughly 200 billion rubles. Meanwhile, the total value of the NWF, on the contrary, grew slightly: according to the previous Finance Ministry report, as of October 1 it stood at 12.98 trillion rubles, meaning it gained about 75 billion. The divergence between the two figures is explained by the fund's structure: besides liquid funds, it includes investments in securities of Russian companies, deposits and other financial assets, so a change in total value does not necessarily match the dynamics of the liquid part.
Context: plans to replenish the fund
Earlier Life.ru reported that the Finance Ministry expects to add to the NWF by the end of 2026. According to the head of the ministry, Anton Siluanov, under favorable economic conditions additional inflows could reach up to a trillion rubles, but the final result, the minister stressed, will depend on the market situation. The published October data show that so far the fund's liquid part is moving in the opposite direction — shrinking — while the report did not specify any updated assessment of the replenishment plans.
