Russia saw its reserve fund shrink a further 5% in June 2009 as the government used the money to cover its budget deficit.

The current value of the Reserve Fund is 2.96 trillion roubles ($95 billion). It stood at 3.13 trillion roubles (£95 billion) just a month ago.

The spend came in response to the government’s first budget deficit in a decade and the deficit is expected to grow over the rest of the year to total 3 trillion roubles, which equates to 7.4% of GDP.

The Reserve Fund has so far been drained by around 1.44 trillion roubles. The money in the fund mostly comes from oil tax revenues and previously accumulated funds.

Russia’s National Wealth Fund stayed steady during June at around 2.8 trillion roubles. This fund is intended for use on long-term projects and may also be used to increase the state pension fund.