Ukraine's First Deputy Foreign Minister, Serhiy Kyslytsya, predicts that Russia's National Wealth Fund (NWF) could be depleted by the end of the year if oil prices drop to $45-$47 per barrel.

In Russia, it is believed that the so-called National Wealth Fund could be exhausted within a year if Russian oil prices fall to $45-$47 per barrel. If prices remain at $50, the fund would last just over two and a half years. At $55 per barrel, it would take more than five years for the fund's liquid assets to be depleted, Kyslytsya wrote on social media platform X on Wednesday.

As reported, since December 5, 2022, the G7 nations have imposed a $60 per barrel price cap on Russian crude oil to limit Moscow's access to oil revenue. However, the G7 is considering strengthening or adjusting this cap to further reduce Russia's income.

Despite these restrictions, Russia is still managing to secure an additional $10 billion annually by circumventing the price cap through the use of a shadow fleet, in addition to its substantial energy export revenues.