ABSTRACT

The international reserves of Russia are growing rapidly. This research note is an attempt to consider the factors and reasons behind this increase. It concludes that the main factor of the increase in the international reserves of Russia since 2017 was the introduction of the new fiscal rule that enabled the increase in the Sovereign Wealth Fund and argues that the new rule was introduced to enhance economic security by making the public finances less sensitive to external developments.

中文翻译：

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关于俄罗斯不断增长的国际储备的说明

摘要

俄罗斯的国际储备增长迅速。本研究报告试图考虑这种增长背后的因素和原因。它得出的结论是，自 2017 年以来俄罗斯国际储备增加的主要因素是引入了新的财政规则，使主权财富基金得以增加，并认为引入新规则是为了通过公开公众来增强经济安全财务对外部发展不太敏感。