Russia will double its Reserve Fund to 1.43 trillion rubles ($50 billion) by the end of this year, Prime Minister Vladimir Putin said in his annual address to parliament on Wednesday.

"I think we need to resume saving and consolidating our reserves, which is why I suggest we send most of oil and gas revenues to the Reserve Fund," Putin said.

As for the National Welfare Fund, Putin said it had more than tripled in the past two and a half years to 2.609 trillion rubles ($92 billion).

"It is the main source for covering Pension Fund deficit, and it is very important for maintaining stability during the pension reform," he said.

"This policy will leave us room for maneuver, and provide us with financial independence and secure us from possible risks, of which there are plenty," he said.

MOSCOW, April 20 (RIA Novosti)