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Emerging data indicates that the fund experienced significant depletion by the end of December 2023, particularly as Russia grappled with budgetary discrepancies at year-end. The figures indicate that while the fund was reported to total 11.88 trillion rubles (approximately $116 billion), a substantial portion is trapped in non-liquid assets. These assets, which include state-owned enterprises such as Russian Railways and military production companies, are not easily convertible to cash. This effectively limits Russia's financial maneuverability during its ongoing conflict with Ukraine.