“Report published last month by Moscow’s Higher School of Economics predicted that Russia’s reserve fund could be exhausted before the end of 2016 if energy prices failed to rise, while the country’s Finance Ministry has repeatedly warned that the fund could run out in 2017.
The government is expect to look to the national welfare fund, used for the long term protection of state pensions, as reserve levels run low. Russia’s Finance Ministry announced in July that it planned to spend $26 billion of the national welfare fund’s $72 billion between 2017 and 2019, again reports The Moscow Times.”
So, it looks like those public sector pension funds are Plan B.
I didn't realize that Russia had a funded pension fund. So that could give them another 2 years. I suppose they're hoping for oil prices to rise in that time period.
However, from what I heard, they need $100 per barrel oil to fund the government. I also suppose they're fortunate to have at least a partially funded pension. From what I understand, Social Security is close to unfunded as foolish politicians have spent it, and increased life spans have increased the payout required.