Support The Moscow Times!

Russians Lost 200 Billion Rubles From Pension Savings in 2015

Maxim Stulov / Vedomosti

Russians lost more than 200 billion rubles ($2.9 billion) from non-state pension funds last year, Deputy Prime Minister Olga Golodets said Wednesday, the Interfax news agency reported.

"Citizens of the Russian Federation lost more than 200 billion rubles [from private pension funds] last year … We do not know who will reimburse these losses," Golodets said.

According to the Rossiiskaya Gazeta newspaper, the losses were caused by ineffective use of money by non-governmental pension funds and management companies.

The pension system's major flaw is the opaque nature of private pension funds, according to Golodets, Interfax reported.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more