Head of the Accounts Chamber Tatyana Golikova said that the Russian Federation Reserve Fund will be exhausted in 2017, as cited by the Russian news agency.

“According to the budget estimates, in 2017 the Reserve Fund will be exhausted completely, and the government will resort to the use of the National Welfare Fund,” the official said.

Thus, the financing needs of oil and gas section of Russia after the Reserve Fund exhausting will be passed on to the fund, which was created to insure the pension system and to overcome the financial crisis.

Earlier, the Minister of Economic Development of Russia Aleksei Ulyukayev who is currently under investigation in Moscow, said that the allocation of 23 billion Rubles within the framework of the Federal Target Program (FTP) for the development of Crimea and Sevastopol was postponed at least for 2017, arguing that, that the occupation- controlled Crimean "authorities" had managed to master only 20% of the money allocated by the federal program.

Photo: Internet