Expenditure

The National Wealth Fund assets can only be spent to co-finance voluntary pension savings of Russian citizens and to balance budget of Pension Fund of the Russian Federation. Amount of Fund assets that shall be spent for mentioned purposes is determined by the federal budget law for the corresponding fiscal year and planning period.

Terms of co-financing is enacted by federal law No. 56-FZ dated 30 April 2008 “Additional insurance premiums to accumulation part of retirement pension and state-financing backing of pension savings”.

Till 1 January 2014 the Government of the Russian Federation may withdraw and deploy National Wealth Fund  assets (including event of excess of overall federal budget expenditures) to pay off debt, reduce borrowings and balance the federal budget in event of and within occurred increases of budget allocation for intergovernmental transfers for the purposes of maintaining balance of the state extrabudgetary funds of the Russian Federation without amending the federal law on the federal budget. [1]

[1] Based on Federal law No. 245-FZ dated 30 September 2010 “Amendments to the Budget Code of the Russian Federation and particular legislative acts of the Russian Federation”.