A Note on the Growing International Reserves of Russia.

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. [ABSTRACT FROM AUTHOR]