Russian wealth fund’s reserves fall $16.5B in September

MOSCOW

The Russian National Wealth Fund’s reserves declined 1 trillion rubles ($16.5 billion) in September.

The reserves hit 10.8 trillion rubles ($178.4 billion) as of Oct. 1, down from 11.8 trillion rubles ($195 billion) on Sept. 1, according to a statement from Russia’s Finance Ministry on Thursday.

Majority of the fund was in the Russian central bank, and some in VTB Bank and Gazprombank.