Formation, Administration, Allocation, and Utilization of the National Wealth Fund in the System of Public Financial Activity

The paper addresses issues related to the analysis of the economic nature of relations arising in the course of the National Wealth Fund operation and the legal regulation of such relations under conditions of external economic sanctions imposed by unfriendly states, resulting in the inability to accurately forecast the level of oil and gas revenues for the federal budget. The author examines specific characteristics of the National Wealth Fund as both an economic and a legal phenomenon. The study establishes that the National Wealth Fund may be considered from several perspectives: 1) as a type of economic relationship; 2) as a segregated targeted fund of monetary resources formed within the federal budget; 3) as an instrument of budgetary regulation; 4) as a set of special budgetary powers. One of the key issues explored in the paper is the use of the National Wealth Fund’s resources for budgetary lending and investment in the areas of import substitution and the facilitation of the foreign trade activities of the Russian Federation. The legal framework governing the operation of the National Wealth Fund imperatively precludes the establishment, in the federal law on the federal budget for the upcoming fiscal year, of alternative directions for the expenditure of the Fund’s budgetary resources, including budgetary investments and budgetary loans. 

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