Russia to top up oil fund with central bank interventions

Russia will replenish its oil reserve wealth fund, used to prop up the budget during the 2008-2009 crisis, with hard currency from the interventions the central bank makes to cap gains in the rouble, the bank said on Monday. At present the proceeds of such interventions are transferred to the central bank's gold and foreign exchange reserves,"
As of June 1, the fund stood at 745.86 billion roubles, or $26.57 billion. Accumulated during nearly a decade of oil-fuelled economic expansion, the fund was used to prop up the budget in 2009 when the country suffered its biggest economic contraction in 15 years. The finance ministry used cash from the fund for the last time in April 2010.