Russia's national wealth fund liquid assets have depleted from 6.5% of GDP at the start of invasion to 1.8% as of April 2026, meaning the rainy day buffer is mostly gone.

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Evidence Quote

At the start of the invasion, that fund's liquid assets sat at 6 and a half% of GDP. As of this April, they're down to 1.8%. The cushion is mostly gone.

Source

Is Russia Actually Losing?Patrick Boyle
Created: 7/11/2026, 9:13:21 PM

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