Moscow plans to transfer the funds of 37 million citizens to a new state scheme. The money will be used to finance state projects amid sanctions and war.
…
“The main beneficiary could be the NPF “Blagosostoyanie” (Welfare), whose shareholders include Russian Railways, Gazprombank, and VEB.RF. That is, those structures that are under direct state control’” according to Ukraine’s Foreign Intelligence Service.
…
The intelligence service reminded that in 2014 - immediately after the occupation of Crimea and the imposition of sanctions - the government “froze” the accumulative part of pensions. At that time, 6% of the 22% of pension contributions that were supposed to go to citizens’ personal accounts were simply redirected to payments to current pensioners, plugging a hole in the pension fund. The freeze was declared temporary, but it continues to this day.
Sorry old man, we don’t know what happened to your pension.
Perhaps you should enlist in the special military operation.
I think you mean the special pension supplementation operation.
Putin has all the resources, and he’ll drain those 140+ million people dry if he thinks it’s necessary. And Russians will be happy to give it all thanks to our slave mentality. He barely scratched the surface yet. Russia is f-cked, and the whole world is too till he is stopped.
This may be why the savings rate in the USA is so low. We recognize similarities in leadership values.
Idk, Ukrainian insiders have reported a lot of fakes.
Also RNWF is still full, why would Putin use the pension fund?
RNWF is still full
This is satire, right?
To my knowledge, some part of it is under sanctions. Other than that, I don’t see reasons why they should not use RNWF before pension fund.
To my knowledge, some part of it is under sanctions.
What does that mean?
Russia has used its National Wealth Fund several times in the past. Since the full-scale invasion broke out in February 2022, the fund’s liquid assets shrank from USD 130 billion before the war to USD 50 billion at the beginning of 2025 (according to Russia’s Ministry of Finance).
Since the full-scale invasion broke out, the Kremlin used the NWF at least 6 times jsut to cover the budget deficit (2022: in March and October, 2023 in January and March and December, and in 2024 again in December). In addition, in 2023, Russia also used the NWF to support the airlines and keep them afloat.
The government ‘uses’ the Russian citizens’ pension saving in a similar way as they already did in 2014, according to the linked article: Back then, 6 percentage points of the 22% of pension contributions that were supposed to go to citizens’ personal accounts were simply redirected to payments to current pensioners. Apparently, the Kremlin has trouble to pay pensions right now in the short term. This ‘redirection’ of contributions helps to fund current pensioners, but it creates an ever growing hole for the future. And, again, in 2014 the Russian government announced this move to be temporary, but it continues to this day in 2026.
This is a long-term financial disaster. In short, today’s workers in Russia will receive less pension after they will have retired because their current contributions are redirected to current pensioners because the pension funds are drying out due to the war.
