The National Wealth Fund in the Russian Federation is. National Welfare Fund. Funds of the National Welfare Fund

BC RF Article 96.10. national wealth fund

1. The National Wealth Fund is a part of the federal budget funds subject to separate accounting and management to ensure co-financing of voluntary pension savings citizens Russian Federation, as well as ensuring balance (covering the deficit) of the federal budget and the budget of the Pension Fund of the Russian Federation.

(see text in previous edition)

2. The federal law on the federal budget for the next fiscal year and the planning period establishes the amount of funds from the National Wealth Fund allocated for the purposes specified in paragraph 1 of this article.

(see text in previous edition)

3. The National Welfare Fund is formed by:

additional oil and gas revenues of the federal budget in accordance with the procedure established by the Government of the Russian Federation;

(see text in previous edition)

ConsultantPlus: note.

The action of par. 3 p. 3 art. 96.10 was suspended from 02/01/2016 to 02/01/2022 (Federal Law of 03.11.2015 N 301-FZ). Until 02/01/2022, income from the management of the National Welfare Fund is used to financially support federal budget expenditures.

Income from the management of the funds of the National Welfare Fund.

(see text in previous edition)

6. If at the end of the next financial year and (or) the first year of the planning period and (or) the second year of the planning period, the forecast amount of the National Wealth Fund placed on deposits and bank accounts in central bank of the Russian Federation exceeds 5 percent of the gross domestic product, the annual volume of the use of funds from the National Wealth Fund in the next financial year, the first year of the planning period and the second year of the planning period to cover the deficits of the federal budget and the budget of the Pension Fund of the Russian Federation cannot exceed the absolute value of the volume of shortfalls oil and gas revenues in the relevant financial year.

If at the end of the next financial year and (or) the first year of the planning period and (or) the second year of the planning period, the forecast amount of the National Wealth Fund placed on deposits and bank accounts with the Central Bank of the Russian Federation does not exceed 5 percent of the gross domestic product, the annual volume of use of the funds of the National Wealth Fund in the next financial year, the first year of the planning period and the second year of the planning period to cover the deficits of the federal budget and the budget of the Pension Fund of the Russian Federation cannot exceed an amount equivalent to 1 percent of the gross domestic product indicated on the corresponding financial year in the federal law on the federal budget for the next financial year and planning period, and the absolute value of the volume of lost oil and gas revenues in the corresponding financial year.

As you probably already guessed, we will talk about the International Reserves, which are also called the Gold and Foreign Exchange Reserves, we will also talk about the funds that were formed during the liquidation of the Stabilization Fund and its division into two parts into the National Welfare Fund and the Reserve Fund. I think it's worth talking about them, because today the thesis is being put forward that almost all the money received from the sale of oil and gas is returned by Russia to the United States, through the mechanism of buying government bonds of the US Government.

Popular economists propose to carry out the nationalization of the Central Bank at this very second and see this as a great boon for our state. There are also politicians who, under this simple and understandable for the heart of a simple person slogan about a beautiful life, call on people to take active street actions, speaking about the wrecking activities of the Central Bank's monetarists. Therefore, I want to understand all these reserves and understand what is true and what is false in the sweet speeches of economists and politicians.

So, let's start with the funds - the heirs of the Stabilization Fund (the National Welfare Fund and the Reserve Fund).

The Budget Code of the Russian Federation says the following.

Article 96.9. Reserve fund.

The reserve fund is a part of the federal budget funds subject to separate accounting, management and use in order to ensure the balance (deficit coverage) of the federal budget. The amount as of February 1, 2015 is 5,864.90 billion rubles.

The reserve fund is formed by:

The National Wealth Fund is a part of the federal budget funds subject to separate accounting and management in order to ensure co-financing of voluntary pension savings of citizens of the Russian Federation, as well as to ensure a balance (deficit coverage) of the budget of the Pension Fund of the Russian Federation.

The size of the fund is 5,101.83 billion rubles.

The National Welfare Fund is formed by additional oil and gas revenues of the federal budget in the event that the accumulated volume of the Reserve Fund reaches its standard value.

Funds from the National Welfare Fund may be placed in foreign currency and the following types of financial assets:

Debt obligations of foreign states, foreign government agencies and central banks;
- debentures international financial institutions, including issued by securities;
- deposits and balances on bank accounts in banks and credit institutions, as well as in the state corporation "Bank for Development and foreign economic activity(Vnesheconombank), including for the purpose of financing self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation;
- deposits and balances on bank accounts with the Central Bank of the Russian Federation;
- bonds and shares legal entities, including Russian securities related to the implementation of self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation;
- shares (shares) of investment funds.

In order to ensure the sufficiency own funds(capital) of the state corporation "Bank for Development and Foreign Economic Affairs (Vnesheconombank)" up to 7 percent of the funds of the National Wealth Fund may be placed on deposits in the said state corporation.

In order to finance self-sustaining infrastructure projects, the list of which is approved by the Government of the Russian Federation, up to 10 percent of the funds of the National Wealth Fund may be placed on the basis of separate decisions of the Government of the Russian Federation in Russian credit institutions.

In the Address of the President, V. Putin said: “Since 2013, after the creation of an appropriate management structure, I have been offering part of the National Wealth Fund resources - for a start, this can be an amount of up to 100 billion rubles, some believe that at least 100 billion rubles should be invested already in Russian securities, which should be associated with the implementation of infrastructure projects.”

What is the fault of the Central Bank? What is the fault of the country's leadership? After all, the existing system was formed as a result of two world wars and a geopolitical catastrophe - the collapse of the USSR and the countries of the Soviet camp. And the system is whether we like it or not.

If you want to conduct international trade, buy dollars in which it is carried out, buy special drawing rights for dollars, join the IMF and other international organizations and follow their rules.

What is the reproach of the Central Bank? We see that the proceeds from the sale of oil do not go to the US budget at all, but to the development of the Russian economy, to cover the risks associated with falling oil prices (organized by the US).

What is criticism? They call for abandoning the existing system completely, nationalizing the Central Bank and launching the issue of the ruble, which is not backed by the international reserve currency - the US dollar, IMF loan bonds, and currencies of other countries.

Let's pretend we did it. The question arises: how will we buy the goods, services, technologies necessary for our economy? For rubles? But, in the existing system, for the purchase of certain goods and services necessary for our economy, agricultural products, equipment and other things necessary for our economy and the population, US dollars are needed. After all, today we cannot provide ourselves with 100% everything we need, and we are dependent on imported goods and services, which can be bought in the existing international system only for dollars.

With some countries, like China, who need our resources and have the goods we need, we can trade directly, without the dollar. This becomes possible also because of the territorial proximity of China, and high level its state sovereignty.

Ex-Finance Minister Alexei Kudrin began to save money for a rainy day. In 2004, he created the Stabilization Fund. Four years later - at the height of the previous crisis - it was divided into the Reserve Fund and the NWF. The first was designated as an "airbag" for the budget. The FNB, on the other hand, became the stabilizer of the pension system, although it was never used for its intended purpose. Spending the Stabilization Fund within the country “is simply the destruction of the economy,” Kudrin wrote in Kommersant in 2006.

Ironically, it was the main fighter for its inviolability that was the first to "open" the FNB. Kudrin had to open Pandora's box in order to save financial system from the crisis. To do this, the ex-minister allowed to invest up to 40% of the NWF in ruble assets (initially, the reserves were kept only in foreign assets and currency).

Kudrin's idea was that in hard periods Funds do not decrease, but grow in ruble terms, Konstantin Vyshkovsky, director of the Department of the Ministry of Finance, explains: for example, when oil prices fall and the ruble depreciates.

But Kudrin had opponents. The main ideologist for investing NWF funds in the economy is presidential aide Andrei Belousov [formerly the head of the Ministry of Economic Development], several officials and experts close to the government told RBC. Belousov himself did not provide comments for this article.

The administrative weight of Kudrin, who knew the president from his work in the St. Petersburg mayor's office, made it possible to restrain attacks on the FNB, people close to the ex-minister recall. “But after he left [in September 2011], it was no longer possible to adhere to the principle that we do not invest anything [from the NWF] inside Russia,” the federal official said.

In 2012, in a message to parliament, Putin proposed investing up to 100 billion rubles in infrastructure. from the FNB. Within six months, the President will increase the limit to 450 billion rubles.

The priority has been changed, said Finance Minister Anton Siluanov (Kudrin's deputy until his resignation). Siluanov himself was more conservative. He proposed channeling up to 50% of the NWF into sovereign and corporate bonds and 3-5% into shares. The funds would be managed by a new structure - Rosfinagentstvo. Kudrin also lobbied for its creation, says a person close to him: this is how he wanted to protect the reserves from spending.

The Finance Ministry was in the minority. The authorities decided it was safer to invest money domestically, recalls a federal official: there is no risk that the money will be seized abroad. Rosfinagentstvo remained on paper, while the FNB decided to print it out.

Fund of Unheard-of Generosity

“Who didn’t ask for anything!” recalls a government official. Applications were received even from citizens, he says: “Allocate 50 million rubles. for personal purposes.

Calls to increase the 40% cap on projects to 50% or 60% began immediately after the decision to allocate funds from the NWF to infrastructure. But then the president did not succumb to persuasion, said First Deputy Prime Minister Igor Shuvalov in the fall of 2013.

As a result, competition for NWF funds has increased dramatically. Almost all companies planning any serious investments hurried to apply. In mid-2014, the amount of all applications exceeded the size of the fund itself, the official recalls. Behind last year more than a hundred applications were received, says another, in 2015 - only 12 from Rosneft.

The state-owned company generally became a champion among applicants. Sanctioned Rosneft needed to make up for the shortage external funding. At first, Rosneft limited itself to a request to issue 2.44 trillion rubles. for the development of 28 strategic projects, says a White House official. Minister economic development Aleksey Ulyukaev was shocked, a high-ranking interlocutor of RBC recalled: the entire NWF at that time was about 3 trillion rubles, and the application took no more than ten pages. Later, the minister explained that Rosneft's application did not meet the formal requirements for projects: the company asked for funds not for infrastructure, but to cover the cash gap.

“There will be no additional funds - we will cope on our own,” Rosneft President Igor Sechin was not embarrassed. But he did not lose interest in the funds of the National Welfare Fund, having changed tactics. By January 2015, the Ministry of Economy received 28 separate applications from the company for a total of 1.3 trillion rubles. from the FNB. So far, five projects of the state-owned company for 300 billion rubles have received preliminary approval from the department. Now the decision is up to the government.

“Everything is done the Russian way,” the federal official sighs: “First, we follow the most conservative model possible. And then we hit the other extreme: without investing a penny, we get a list of projects, and nothing is enough.”

Rosatom and RDIF turned out to be the most persuasive lobbyists. In June 2014, the government set separate quotas for their projects - 10% of the National Wealth Fund, but no more than 290 billion rubles.

RDIF was also the first recipient of the fund's funds. In December, he was "shipped" a little more than 5 billion rubles. for two projects - the elimination of the "digital divide" together with Rostelecom and the introduction of "smart grids" with Rosseti. There are more projects, a representative of the RDIF told RBC: they are formed for the entire quota.

But with them, apparently, will have to wait. Sanctions and the crisis forced the authorities to reconsider their attitude to the "stash". It is not entirely justified to start global construction projects during the closing of capital markets, the federal official admits. Obviously, infrastructure projects are long-term projects, Vyshkovsky says. And in a difficult geopolitical situation, sanctions, the closure of foreign markets, most of the funds must be kept in liquid form, he urges.

Investment or spending

Almost a quarter of the Reserve Fund was spent during the 2008 crisis, recalls Konstantin Vyshkovsky. At the same time, a “significant amount of funds” from the NWF was also spent on fighting the crisis, he notes: “A significant part of these funds is still in an illiquid form in the form of deposits in VEB [the funds of the NWF came to banks in transit through a deposit in VEB].”

Often it was “momentary plugging of holes,” Alexei Kudrin admitted in an interview with RBC: “Then [in 2008-2009] there was a shock to the global economy, and we had to spend money without thinking twice.”

VEB's illiquid anti-crisis deposits are just the tip of the iceberg. In fact, bailing out the banks cost the NWF almost twice as much.

Trouble began with Gazprombank. In 2012, the state bank repaid part of the debt (50 billion rubles) to VEB with its own shares. Formally, the funds were returned to the FNB. But the Ministry of Finance returned them to VEB, Mikhail Beskhmelnitsyn, auditor of the Accounts Chamber, points out in a report on the use of funds for the first half of 2012. On them, the state corporation bought 10.2% of Gazprombank.

Last year, to convert anti-crisis assistance from the NWF into its own preference shares asked the rest of the state-owned banks (also VTB and Rosselkhozbank - a total of 279 billion rubles).

Difficulties with the return of funds from the National Welfare Fund also arose from private banks. In particular, FC Otkritie (until June 2014 - Nomos-bank) has already asked the authorities to convert 4.9 billion rubles into preferred shares. from the FNB. This is how much Nomos Bank received in 2008.

The conversion of NWF funds into bank shares reduces the size of the anti-crisis deposit at VEB. Because of this, the state corporation needed additional capitalization. As a result, in the fall of 2014, VEB received a $6 billion subordinated deposit from the NWF.

And even on this, the assistance to financial state structures from the NWF did not end. Another 100 billion rubles. from the fund in the form of subordinated deposits at the end of last year received VTB. In total, 250 billion rubles are allocated for the additional capitalization of banks from the NWF in the anti-crisis plan. and another 300 billion - VEB. The total limit of funds that can be placed in subordinated deposits of banks (VEB is not formally a bank) is 10% of the NWF (459 billion rubles as of March 1).

Putin bequeathed to invest the funds of the National Welfare Fund exclusively on a repayable basis. But there is a special regime for investments from the NWF into subordinated instruments. According to the Budget Code, they are not subject to preservation requirements.

Formally, the authorities agreed in advance with the non-return of these funds, admits an official of the financial and economic bloc of the government: the bank has the right not to return them if the adequacy of its capital falls below a certain level. But the risks are minimal, the interlocutor of RBC assures: “The state cannot and should not allow a default or bankruptcy, for example, VTB as a systemically important bank.”

However, the NWF funds invested in infrastructure may also be irrecoverable, the Accounts Chamber warned in its conclusion on the draft federal budget for 2015-2017. In particular, the auditors raised questions about the procedure for the return of funds from the National Welfare Fund invested in Russian Railways shares. So the government is going to finance the construction of BAM.

The purchase of Russian Railways shares with the funds of the National Welfare Fund was originally planned, a person close to the Ministry of Economic Development knows: an increase in debt would lead to a decrease in the rating of the state monopoly, which means that the cost of market financing could increase. The emergence of new obligations for Russian Railways and their maintenance was impossible, the federal official confirms.

Exiting shares is difficult, a federal official now admits: “For example, under what conditions can we sell Russian Railways shares? Only when the state decides to privatize Russian Railways.”

And such a decision will be made on the basis of a number of conditions, and not just under favorable conditions, the interlocutor of RBC states. The authorities have been planning to sell the state stake in Russian Railways since 2011, but things have not moved beyond the plans.

There is a departure from basic principles NWF, director of the HSE Development Center Natalya Akindinova complains. At first, funds intended for future pensioners began to be invested in investment projects. If they were payable, then the funds would return over time, she argues. But investments in shares can become irrevocable, warns Akindinova.

The funds are given away free of charge and without a guarantee of return, a high-ranking federal official agrees on condition of anonymity: in fact, this is an additional capitalization of state-owned companies.

“We shouldn’t talk about the non-refundability of funds at all!” - Konstantin Vyshkovsky objects, the funds of the National Welfare Fund should be invested only on the terms of repayment and profitability: "This is the norm of the law." “The return of funds from the National Welfare Fund is an absolute priority,” Deputy Economic Development Minister Nikolai Podguzov agrees. According to him, the funds of the National Welfare Fund invested in bank shares will be returned through the payment of dividends.

Budget or economy

In 2014, the price of oil has almost halved. The ruble depreciated against the dollar by the same amount, and the price increase of 11.4% was the highest since the crisis year of 2008 (13.3%). GDP growth slowed down to the lowest level since 1999 (with the exception of the crisis year of 2009) and amounted to 0.6%. In 2015, the economy is expected to decline by 3%. Russia is in an extremely difficult situation, Igor Shuvalov said at the economic forum in Davos: "We are entering a more protracted and complex crisis [than in 2008-2009]."

The authorities informed the country shortly after the New Year holidays that there were problems with the budget. The shortfall in revenues at $50 per barrel oil will amount to 3 trillion rubles, Siluanov announced at the Gaidar Forum in January. This is exactly the price for oil that the Ministry of Economic Development has set in its updated macro forecast for 2015. This is two times lower than before, Vyshkovsky states: “Because of this, there is a shortage.”

“Since revenues are shrinking, we want to once again review the decisions that were made to invest the funds of the NWF,” Siluanov said, speaking in January in the Federation Council: the NWF is the same as the Reserve Fund, a source in case of a reduction in the income base.

In the current situation, the Reserve Fund (4.72 trillion rubles as of March 1) will be exhausted in two years, predicts Vladimir Nazarov from the Gaidar Institute. 500 billion rubles was withdrawn from the fund in February. According to the calculations of the Ministry of Finance, this year another 3.2 trillion rubles will be required to patch up budget holes, in 2016 - 1.16 trillion. After the Reserve Fund is exhausted, the NWF will have to be spent to cover the budget deficit, Vyshkovsky admits.

The Ministry of Finance is generally against investing any funds from the NWF, says a person close to the Ministry of Economic Development: funds may be required for budget insurance and an anti-crisis plan. The Ministry of Finance proposed to freeze the adoption of decisions on entering projects for six months, the official of the financial and economic bloc clarifies: “To see how the further situation will develop this year.”

The problem is not to save something, an employee of one of the state corporations objects: “Reserves amount to more than 10% of GDP, and with the currency of the Central Bank it is an order of magnitude more.” It is necessary to avoid a large-scale investment downturn, urges RBC's interlocutor, "with the ensuing consequences for people, welfare and loss of competitiveness." As the government cuts budget spending, the only thing that remains is the resource of the National Welfare Fund and banks. But banks will not lend to long-term projects on their own, an employee of the state corporation believes: only the NWF remains.

The projects are not ranked in any way in terms of importance, the official of the financial and economic bloc notes: which of them will contribute largest contribution in GDP, in employment growth. At the same time, “quite large” amounts are allocated, the interlocutor of RBC admits: “The risks, of course, are high.”

Welfare is not for everyone

“At a meeting with the president, the NWF was mothballed,” says an official familiar with the results. In addition to the previously issued funds (100 billion rubles for the VTB deposit and 5 billion for RDIF projects), they have decided to allocate another 525 billion rubles so far, Ulyukaev said after the meeting.

The President instructed to finance six projects, follows from the list of instructions: the Central Ring Road, BAM, the Hanhikivi-1 nuclear power plant in Finland, the elimination of the “digital divide”, Yamal LNG and the purchase of locomotives for Russian Railways. Thus, the president approved investments for a little over 600 billion rubles.

Together with subordinated deposits of VEB (including those from the anti-crisis plan), investments in bank shares and 5 billion rubles previously invested in RDIF projects, the total amount of NWF funds invested in illiquid assets will exceed a third of its volume as of March 1.

For some projects, the amount of investments has been reduced and their order is changing, two federal officials tell RBC. It follows from the list of instructions that the meeting approved funding for only the first and fifth sections of the Central Ring Road (the winners of investment competitions are Stroygazconsulting by Ziyad Manasir and Ruslan Baysarov and Ring Highway LLC, a structure included in the ARKS Gennady Timchenko, respectively).

A decision was made to finance only those sections that do not provide for investments from outside foreign investors, explains the official: “While we are talking about 75 billion rubles. [of the approved 150 billion].” According to him, so far these are all the funds of the National Welfare Fund, which the project can count on until 2018: “After that, the foreign policy situation may be different.”

“We have already invested funds from the National Welfare Fund in two relatively small [RDIF] projects, we will need to add another piece,” says Konstantin Vyshkovsky. There are no real projects for the remainder of the limit, he argues, the unselected amounts can be directed to projects in some other areas. The same applies to Rosatom, Vyshkovsky notes: “It has one project [the construction of a nuclear power plant in Finland for 150 billion rubles], and we are not discussing others yet.” “The limit is the limit because it is the limit, and not compulsory share", he argues.

The fact that the limit on the RDIF was actually frozen was told by two more federal officials familiar with the results of the meeting.

The only project that was previously approved by the government, but not mentioned in any way in the instructions, is the development of the coal basin in Tuva, which was initiated by Ruslan Baisarov's Tuva Energy Industrial Corporation (TEIC). It has been moved, two White House officials say. The project is 100% worked out and approved at all levels, one of them complains, but the scale is not the same: the "road of life" for Tuva did not pull on the federal project.

The project was launched personally by Putin. In 2011, he scored a silver spike in the first link of the Elegest - Kyzyl - Kuragino railway line (part of the TEPC project). A year later, at a big press conference, Putin called the project "difficult" but promised to secure state involvement if it was "critical."

The issue of financing the TEPK project from the FNB will still be worked out, Ulyukaev said. In the macro forecast of the Ministry of Economic Development, the project is still on the list of applicants for funds from the National Welfare Fund in 2015.

Retirement risks

In the next 10-15 years, NWF funds may be required for payments to pensioners, Alexei Kudrin predicted in 2013. Money invested in projects may not be returned by this time, he warned: “Thus we reduce our insurance for a difficult period.”

If NWF funds are invested in large projects with a payback period of 20 years or more, then the money will be frozen for this period, an official of the financial and economic bloc agrees. It will be impossible to use them to support the pension system or anti-crisis goals.

The amount of funds needed to solve the problems "related to the demographic hole", Kudrin estimated at 2-3 trillion rubles. “[If the NWF is wasted], we will have to look for other sources to solve this problem... Either raise the retirement age, or raise insurance premiums. There are no other options,” the ex-minister concluded.

On the one hand, the size of the NWF has grown due to the devaluation of the ruble. Last year, it brought in 1.5 trillion rubles.

On the other hand, the collapse of the ruble provokes inflation, notes Vladimir Nazarov from the Gaidar Institute, and because of this, additional indexation of pensions will be required. In such an uncertain situation, one cannot say that there will be enough reserves, he warns.

It should be remembered about the recession in the economy, adds Vladimir Tikhomirov, Chief Economist of FC BCS, this will lead to an increase in unemployment: “Deductions to the Pension Fund will inevitably decrease, which will increase its deficit.” The problems of the pension system will only accumulate, agrees Akindinova: "This is a problem that everyone knows about, but put off until later."

Be that as it may, since this year the authorities have begun to actively discuss raising the retirement age. This has nothing to do with the investment of NWF funds in illiquid assets, the federal official says: the problems of the pension system are long overdue. Infusions from the NWF could delay them for a while, but not solve, he is pessimistic.

How are Russian sovereign funds filled and why are they needed?

By budget rule above-planned oil and gas revenues are sent to the Reserve Fund - until its volume reaches 7% GDP. Half of the income above this limit goes to the NWF, and the other half goes to financing infrastructure projects. The Reserve Fund and the NWF replaced the Stabilization Fund in 2008. The main successor of the Stabilization Fund and the insurance of the budget is the Reserve Fund. If world energy prices are falling, the government can open this "jacket" and send funds to cover the budget deficit. The FNB was created to fulfill the obligations of the state to pensioners. It is assumed that the NWF funds should be used to cover the deficit of the Pension Fund and co-finance voluntary pension savings.

Introduction

The relevance of my chosen topic term paper due to the fact that in modern conditions voluntary pension savings of citizens of the Russian Federation are one of the priorities of the state. The goals of the National Wealth Fund are to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and to ensure a balanced budget of the Pension Fund of the Russian Federation.

In turn, the purpose of the course work is to study the activities of the National Welfare Fund.

Based on the goal of the work, the main attention was paid to solving the following tasks:

Explore the goals of the activities and the structure of the management of the fund;

Explore areas of activity

Analyze the profitability of the activity.

The object and subject of the study is the activities of the Foundation. The information base of the study is the reports of the Ministry of Finance of the Russian Federation.

The work is accompanied by diagrams and tables.

During the course work were studied regulations, as well as resolutions and orders of the government of the Russian Federation.

Chapter 1. The activities of the fund, its goals. Formation of funds of the fund and its use.

1.1 The essence of the sovereign wealth fund

The Fund is intended to become part of a sustainable mechanism for providing pensions to citizens of the Russian Federation for the long term

The goals of the National Wealth Fund are to ensure co-financing of voluntary pension savings of citizens of the Russian Federation and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation

The National Welfare Fund and the Reserve Fund were formed in February 2008 after the split stabilization fund. They are formed from oil and gas revenues and income from money management. Funds from the National Welfare Fund are spent on maintaining the stability of the state budget and co-financing the pension savings of citizens. The resources of the reserve fund are used to finance the oil and gas transfer (see Appendix 1). The income of the funds is formed by acquiring foreign currency at the expense of the Fund and placing it on the accounts of the Reserve Fund in foreign currency (US dollars, euros, pounds sterling) with the Central Bank of the Russian Federation. The Central Bank of the Russian Federation shall pay interest for the use of funds on the said accounts, as established by the bank account agreement. In addition, funds of funds can be placed in foreign currency and financial assets denominated in foreign currency, the list of which is determined by the legislation of the Russian Federation.

1.2 Formation and use of the National Welfare Fund.

Oil and gas revenues of the federal budget are formed from:

Tax on the extraction of minerals in the form of hydrocarbon raw materials (oil, combustible natural gas from all types of hydrocarbon deposits, gas condensate from all types of hydrocarbon deposits);

Export customs duties on crude oil;

Export customs duties on natural gas;

Export customs duties on goods produced from oil.

The calculation of the volume of oil and gas revenues of the federal budget received in the reporting month, with the exception of oil and gas revenues of the federal budget received in December of the reporting financial year, is carried out by the Ministry of Finance of the Russian Federation on a monthly basis, before the 20th day of the month following the reporting one.

Use of oil and gas revenues for the reporting month for the financial support of the oil and gas transfer is carried out:

V in full- if the volume of oil and gas revenues for the reporting month does not exceed the difference between the amount of the oil and gas transfer for the current financial year, approved by the federal law on the federal budget for the next financial year and the planned period, and the volume of oil and gas revenues of the federal budget actually transferred in the current financial year for financial support oil and gas transfer as of the 1st day of the month following the reporting month;

in an amount equal to the difference between the amount of the oil and gas transfer for the current financial year approved by the federal law on the federal budget and the amount of oil and gas revenues of the federal budget actually transferred in the current financial year to finance the oil and gas transfer as of the 1st day of the month following the reporting one , - if the volume of oil and gas revenues for the reporting month exceeds the amount necessary to achieve the approved amount of the oil and gas transfer.

If the approved value of the oil and gas transfer is reached, the oil and gas revenues of the federal budget are subject to use for the formation of the Reserve Fund.

In the event that the specified normative value of the Reserve Fund is reached, the oil and gas revenues of the federal budget are subject to use for the formation of the National Wealth Fund.

The use of oil and gas revenues in the current month for the formation of the National Welfare Fund is carried out in an amount equal to the volume of oil and gas revenues of the federal budget actually received in the current financial year, reduced by the approved amount of the oil and gas transfer and the volume of oil and gas revenues of the federal budget actually transferred in the current financial year to the formation Reserve Fund (taking into account the volume of oil and gas revenues to be transferred to the formation of the Reserve Fund in the current month) and the National Welfare Fund as of the 1st day of the month following the reporting month.

The calculation of the volume of oil and gas revenues for December and the calculation of the volume of oil and gas revenues for December used to form the Reserve Fund or to form the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation until January 25 of the year following the reporting year.

A certain part of these oil and gas revenues in the form of an oil and gas transfer is annually directed to finance federal budget expenditures. The amount of the oil and gas transfer is approved by the federal law on the federal budget for the next financial year and planning period in absolute terms, calculated as 3.7% of the volume of gross domestic product forecast for the corresponding year, specified in the federal law on the federal budget for the next financial year and planning period.

After the formation of the oil and gas transfer in full, oil and gas revenues go to the Reserve Fund.

The normative value of the Reserve Fund is approved by the federal law on the federal budget for the next financial year and planning period in an absolute amount, determined on the basis of 10% of the volume of gross domestic product forecast for the corresponding year.

Oil and gas revenues are directed to the National Welfare Fund after filling the Reserve Fund to the amount indicated above. Another source of formation of the National Welfare Fund is the income from the management of its funds.

From January 1, 2010 to January 1, 2014, the standard value of the Reserve Fund is not determined, oil and gas revenues of the federal budget are not used for financial support oil and gas transfer and for the formation of the Reserve Fund and the National Welfare Fund, and are directed to financial support for federal budget expenditures.

Funds from the National Welfare Fund can only be used to co-finance the voluntary pension savings of Russian citizens and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation.

The amount of funds from the National Wealth Fund allocated for these purposes is established by the federal law on the federal budget for the next year and planning period. The procedure for co-financing voluntary pension savings of citizens of the Russian Federation is defined in federal law dated April 30, 2008 No. 56-FZ “On additional insurance premiums for the funded part of the labor pension and state support for the formation of pension savings”.

Another source of formation of the National Welfare Fund is the income from the management of its funds.

From January 1, 2010 to February 1, 2014, income from the management of the funds of the National Welfare Fund is not credited to the Fund, but is directed to financial support for federal budget expenditures.

Oil and gas revenues from the federal budget, the Reserve Fund and the National Wealth Fund are accounted for in separate accounts for the accounting of federal budget funds opened Federal Treasury at the Central Bank of the Russian Federation.

From January 1, 2010 to January 1, 2014, separate accounting of oil and gas revenues of the federal budget is not carried out.

Calculations and transfers of funds in connection with the formation and use of oil and gas revenues of the federal budget, oil and gas transfers, the resources of the Reserve Fund and the National Wealth Fund are carried out by the Ministry of Finance of the Russian Federation in the manner established by the Government of the Russian Federation.

From January 1, 2010 to January 1, 2014, the procedure for conducting settlements and transfers of funds in connection with the formation and use of oil and gas revenues from the federal budget, oil and gas transfers, funds from the Reserve Fund and the National Welfare Fund has been suspended.

Accounting for transactions with oil and gas revenues of the federal budget, funds of the Reserve Fund and the National Wealth Fund is carried out in the manner established for accounting for transactions with federal budget funds.

Funds from the National Wealth Fund can be used to co-finance the voluntary pension savings of Russian citizens and to ensure a balance (covering the deficit) of the budget of the Pension Fund of the Russian Federation. The amount of funds from the National Wealth Fund allocated for these purposes is established by the federal law on the federal budget for the next year and planning period.

The procedure for co-financing voluntary pension savings of citizens of the Russian Federation is defined in the Federal Law of April 30, 2008 No. 56-FZ “On additional insurance premiums for funded part labor pension and state support for the formation of pension savings”.

The Government of the Russian Federation has the right until January 1, 2014, without amending the federal law on the federal budget, to use the Fund's funds to make payments that reduce debt obligations, reduce borrowing and ensure a balance of the federal budget, including in excess of the total amount of federal budget expenditures in the event and within the limits of increasing federal budget allocations for the provision of interbudgetary transfers in order to ensure a balance in the budgets of state non-budgetary funds of the Russian Federation.

The funds of the National Welfare Fund to be used in accordance with the federal law on the federal budget for co-financing the voluntary pension savings of citizens of the Russian Federation are transferred by the Federal Treasury on the basis of instructions from the Ministry of Finance of the Russian Federation from the account for accounting for the funds of the National Wealth Fund to the account for accounting for federal budget funds.

The National Wealth Fund of the Russian Federation was founded on February 1, 2008 after the dissolution of the stabilization fund The National Wealth Fund of the Russian Federation was founded on February 1, 2008 after the dissolution of the stabilization fund. In addition to the creation of the National Welfare Fund, a reserve fund was also established.

The political practice of founding a national wealth fund has been successfully operating for several decades in a number of foreign countries. The National Wealth Fund is most often created in the territories that provide a stable supply of oil abroad.

Purpose

The purpose of the National Wealth Fund is to participate in the process of providing citizens of the Russian Federation with pension payments. Thus, the National Wealth Fund is a certain share of the federal budget's cash savings, aimed at supporting the financing of the funded part of citizens' pensions and supporting payments Pension Fund in case of shortage of funds.

Compound

The National Welfare Fund is replenished by two types of income:

1) Oil and gas cash receipts V federal budget, provided that the reserve fund meets the standard in terms of volume.

2) Profits from management activities with the savings of the national wealth fund.

Oil and gas cash receipts, in turn, consist of:

Collection of taxes on the extraction of raw materials.

Customs fees for the export of produced oil.

Customs fees for the export of gas produced from the bowels of the earth.

Customs duties for the export of refined products.

Management activity on the accumulation of the National Wealth Fund is carried out by the Ministry of Finance of the Russian Federation. The procedure for managing the National Wealth Fund is strictly regulated by law. Some functions of savings management are performed by Central bank RF.

The volume of financial savings that make up the National Wealth Fund as of May 1, 2016 was estimated at 4,751,69 billion rubles.

Placement of assets

A certain share of the financial savings of the National Wealth Fund is included in the international reserve of the Russian Federation. This share has been converted to monetary units other states and is listed on the bank accounts of the Central Bank of the Russian Federation. The Government of the Russian Federation, in turn, has the right to invest a share of the National Wealth Fund in the financial assets of other states.

This situation poses some danger to the national wealth fund, due to the impossibility of a quick withdrawal of savings when there is an urgent need.

As of the summer of 2016, the accounts of the Central Bank of the Russian Federation, taking into account the share of the National Wealth Fund, contain approximately 19.56 billion american dollars, 20.76 billion euros, 3.83 billion British pounds. All listed financial assets are taken into account when calculating the gold and foreign exchange reserve of the Russian Federation.

Thus, the gold and foreign exchange reserve of the Russian Federation is reliable, but does not bring significant income compared to the national wealth fund, which can bring more income if properly managed, but at the same time is more risky when investing.

Editor: Igor Reshetov