(Source: http://finmagazine.ru)

The Economic Development Minister Aleksei Ulyukayev estimated the losses of the Russian economy from the moratorium on the formation of pension savings by working Russians at 4 trillion roubles. This was stated by him in an interview to “Vesti 24”. According to the Minister, this amount could be accumulated on individual accounts of Russians in non-governmental pension funds and the state management company, if the government had not make any decisions on the moratorium and its extension.

“Accordingly, they would have made a large investment volume” - Aleksei Ulyukayev stated. He also estimated the amount of the decline in investment in the Russian economy in 2015 at 10 percent in comparison with the year 2014.The decline in investment will make up 1.5 percent in 2016. “The investment part of the pension is the main source of long-term money, their main consumer being the market of corporate debt” - the Minister of Economic Development explained.

On October 7 it was reported that the Ministry of Finance included the freeze on pension savings in the draft of federal budget for the next year. Thus, the government now has an opportunity to send 342 billion roubles to its own anti-crisis fund.