From the Financial Times:

Just a decade after its financial crisis, Russia is the world’s third largest holder of foreign exchange reserves. The most recent estimate of $500bn puts these behind only China with $1,650bn and Japan with $980bn. The dollar value of Russia’s forex reserves has shot up by more than 5 per cent since the beginning of the year and is expected to continue growing. Capital Economics estimates that about three-quarters of this year’s increase comes from currency fluctuation: Russia holds 45 per cent of its reserves in euros, which have appreciated sharply against the dollar. But high oil prices and a resurgent economy have also played a role, as the government has sought to contain upward pressure on the rouble. What is Russia going to do with all that money?