As the U.S. explores the idea of establishing a strategic cryptocurrency reserve, Russia has taken a different stance, choosing to keep digital assets out of its National Wealth Fund (NWF), a sovereign wealth fund used to stabilize the economy and support the pension system. Interfax reported on March 4 that Russia’s Finance Ministry has no plans to alter the NWF’s investment structure, particularly by adding crypto assets.
Deputy Finance Minister Vladimir Kolychev stated that the current level of savings in the NWF does not support high-risk investments when asked if any changes were under consideration. The fund’s current allocation consists of up to 60% yuan and 40% gold, highlighting Russia’s preference for stable, liquid assets. Kolychev stressed that sovereign reserves must be easy to sell without major price fluctuations and that cryptocurrency does not meet these criteria. He detailed:
In terms of sovereign budget reserves, it is important for us that the assets in which these reserves have been invested could be sold very quickly and without a large price revaluation.
“So that our sale would not result in receiving 50 kopecks on the ruble rather than a ruble for a ruble,” he added. “Moreover, crypto assets are an asset with increased volatility.”
He explained that the NWF is intended to hold 7% to 10% of GDP in low-risk, liquid assets that can be quickly sold, but the current level is far from that target. He also mentioned that, unlike discussions in the U.S., he had not heard of any similar proposals in Russia regarding a strategic cryptocurrency reserve.
Looking forward, Kolychev acknowledged that investment strategies might shift when the NWF reaches a certain threshold, allowing for the inclusion of less liquid and potentially higher-yielding assets. “After that, it would be possible to place [NWF funds] in less liquid and, possibly, more profitable assets,” he noted, adding:
When we get there, we will be able to think about different assets, including cryptocurrency. However, frankly speaking, the volatility parameters are not currently favorable.
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