Latest news with #NationalWealthFund
Associated Press
2 days ago
- Business
- Associated Press
Sancrox Political Advisory: Voters rally around Oyun-Erdene ahead of vote of no confidence
LONDON, June 1, 2025 /PRNewswire/ -- On the eve of Mongolia's first-ever parliamentary vote of confidence in a sitting prime minister, new polling shows that voters overwhelmingly back Prime Minister L. Oyun-Erdene and reject any shift toward a presidential system. The nationally representative poll, conducted by Sancrox Political Advisory from 28 to 30 May 2025, shows that 63% of Mongolian adults want the Prime Minister to 'stay on and implement the National Wealth Fund,' compared to 31% who do not and 6% who are undecided. It also finds that 53% of voters believe MPs should support the Prime Minister and his government in the confidence vote, versus 37% who think MPs should vote 'no confidence' and 10% who cannot say. Additional findings include: These figures demonstrate that, as the vote of confidence approaches, public opinion remains in favor of continuity under Prime Minister Oyun-Erdene's coalition. Voters not only support his economic agenda - most notably the National Wealth Fund - but also oppose expansion of presidential powers. Sancrox Political Advisory is a leading international polling and strategy firm, providing political insight and public opinion research across the globe. Findings Representative poll of n = 1,140 Mongolian adults. Fieldwork conducted 28–30 May 2025. Photo - Photo - Photo - Photo - Photo - Photo - View original content to download multimedia: SOURCE Sancrox Political Advisory
Yahoo
2 days ago
- Business
- Yahoo
Sancrox Political Advisory: Voters rally around Oyun-Erdene ahead of vote of no confidence
LONDON, June 1, 2025 /PRNewswire/ -- On the eve of Mongolia's first-ever parliamentary vote of confidence in a sitting prime minister, new polling shows that voters overwhelmingly back Prime Minister L. Oyun-Erdene and reject any shift toward a presidential system. The nationally representative poll, conducted by Sancrox Political Advisory from 28 to 30 May 2025, shows that 63% of Mongolian adults want the Prime Minister to "stay on and implement the National Wealth Fund," compared to 31% who do not and 6% who are undecided. It also finds that 53% of voters believe MPs should support the Prime Minister and his government in the confidence vote, versus 37% who think MPs should vote "no confidence" and 10% who cannot say. Additional findings include: 87% demand that the vote be held publicly, with only 11% willing to allow a secret ballot. 74% want the President to remain limited to a single term, compared to 20% who would support a second term. 54% prefer a parliamentary system under the current Prime Minister, while just 32% would opt for a presidential system under the current President. More generally, 52% would prefer Mongolia remain a parliamentary democracy, and 41% would prefer for Mongolia to become a presidential democracy. 51% would rather the Prime Minister stay on with his coalition government, versus 38% who prefer an MPP-only government with a new president-appointed prime minister. 67% of voters would prefer a coalition government, to 26% who would prefer for the MPP to govern alone. These figures demonstrate that, as the vote of confidence approaches, public opinion remains in favor of continuity under Prime Minister Oyun-Erdene's coalition. Voters not only support his economic agenda - most notably the National Wealth Fund - but also oppose expansion of presidential powers. Sancrox Political Advisory is a leading international polling and strategy firm, providing political insight and public opinion research across the globe. Findings Representative poll of n = 1,140 Mongolian adults. Fieldwork conducted 28–30 May 2025. Photo - - - - - - View original content to download multimedia: SOURCE Sancrox Political Advisory Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 days ago
- Business
- Yahoo
Ukraine says Russia's financial reserves may dry up in 2026
Russia has spent over half of its National Wealth Fund (NWF) during the three years of its invasion of Ukraine, says Ukraine's Foreign Intelligence Service. Source: Foreign Intelligence Service of Ukraine Details: If the current restrictions and additional measures imposed by the West are maintained, including increasing control over the circumvention of oil sanctions, the Russian Federation risks losing the last remnants of its national welfare fund as early as 2026. The report notes that the NWF's liquid assets had reached US$145 billion as of the beginning of July 2022. A year later, in July 2023, this figure had dropped to US$78 billion. On 1 May 2025, the reserves were down to only US$39 billion. Since the start of the full-scale war, the fund has reduced almost fourfold. "The average price of Brent oil is projected to be US$64 for a barrel in 2025 and US$60 in 2026. For Russia, whose budget is replenished with oil and gas revenues, such a dynamic creates critical fiscal risks," the report said. It is also pointed out that state corporation Rosatom's 2025 projects are still 80% underfunded, Russian railways is experiencing a drop in traffic, production in the mining, metallurgical, and construction sectors are falling and Russian corporations are suspending dividend payments in large numbers. "Despite this, Moscow continues to publicly demonstrate confidence in the stability of the economy. However, state-controlled propaganda that conceals the real extent of the economic downturn does not change the facts: the resource-based model of the Russian economy is losing efficiency," the Foreign Intelligence Service said. Support Ukrainska Pravda on Patreon!
Yahoo
5 days ago
- Business
- Yahoo
Russia loses US$450bn in energy revenue due to sanctions
Russia has lost approximately US$450 billion in revenues from its energy sector due to international sanctions, says Lieutenant Colonel Joby Rimmer, Senior Military Adviser to the UK's Permanent Mission to the OSCE. Source: Lieutenant Colonel Joby Rimmer, cited by the Ukrinform news agency Quote: "Russia's own population is becoming increasingly severe: Interest rates in Russia have surged to 21%, reflecting deep financial instability; 40% of Russia's federal government spending in 2025 has been committed to defence; for the first time in post-Soviet history, defence spending has exceeded social spending; Russia has depleted two-thirds of the liquid assets in its National Wealth Fund; and due to international sanctions, Russia has lost an estimated US$450 billion in energy revenues." Details: Rimmer stated that Russia's policies demonstrate the Kremlin's prioritisation of war over the welfare of its citizens. Background: Russian authorities are preparing to raise gas prices for industry to offset losses at Gazprom, which has seen exports plummet since Russia's full-scale invasion of Ukraine in February 2022. Western sanctions, including US measures targeting Gazprom Neft and Surgutneftegaz, have significantly reduced Russia's oil and gas revenues, a key funding source for its war against Ukraine. Support Ukrainska Pravda on Patreon!
Reuters
6 days ago
- Business
- Reuters
Russian finance minister returns to idea of adjusting oil price budget rule
May 28 (Reuters) - Finance Minister Anton Siluanov said on Wednesday an adjustment to the $60 oil cut-off price for Russia's budget rule should be considered, marking a potential policy shift that could impact Moscow's ability to raise spending and build up cash reserves. Under the budget rule, the Finance Ministry sells foreign currency from its rainy-day National Wealth Fund to make up for any shortfall in revenue from oil and natural gas exports, or makes purchases in the event of a surplus. While Siluanov had previously spoken in favour of the cut-off price being changed, he recently ruled out an adjustment for the next three-year budget. Responding to a lawmaker's question about Russia's depleting reserves on Wednesday, he appeared to change tack once more, saying the issue would be discussed when formulating budget policy. "We need to think about whether, when preparing the new budget for the medium-term, we should look at the cut-off price level ... to what extent it corresponds today to levels that allow us to ensure not only the preservation of the National Wealth Fund, but also its replenishment," Siluanov said. Russia's fiscal buffers have dwindled since its February 2022 invasion of Ukraine, with Moscow dipping into the wealth fund to finance budget deficits and support state-owned companies. The fund's liquid assets stood at $40.4 billion on May 1, down from $112.7 billion before the invasion. High prices for oil, the cornerstone of Russia's export-focused economy, enable Russia to set funds aside, but with Brent futures having dropped to about $60 a barrel and Urals crude even lower, Moscow's finances are under pressure. A lower cut-off price would allow Russia to save more petrodollars, but that also implies reduced expenditure, which, as analysts have noted, may be hard to achieve with Moscow spending heavily on the war in Ukraine.
