Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.
MOSCOW: As leaders around the globe compete with ever-bigger spending packages, the Kremlin is hoarding hundreds of billions of dollars in reserves, worried that oil prices will stay low for a long time.
Russia has about US$550bil stashed away in some of the biggest rainy-day funds in the world, but President Vladimir Putin’s support measures only account for about 2% of gross domestic product (GDP), according to ING Bank.
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