在現代國際金融體系中，主權財富基金不僅是資源收益管理與調節總體經濟波動的財政工具，亦可能在地緣政治競爭下承擔更具戰略性的政策功能。本研究以俄羅斯國家福利基金（National Welfare Fund, NWF）為案例，建立「外部地緣政治壓力」與「內部治理合規度」雙軸線分析框架，並採用《聖地牙哥原則》與 Truman 量化計分表，剖析該基金自 2004 年至 2025 年底的運作邏輯與職能轉移。
研究發現，俄羅斯主權基金演進可歸納為三個階段：第一，2004 至 2014 年常態時期，透過預算規則與雙基金架構落實資源收益管理，高度遵循國際合規標準，建構總體經濟防禦機制；第二，2014 年克里米亞危機後，啟動「堡壘俄羅斯」戰略調整儲備幣別，但因高度依附西方結算與託管基礎設施，導致 2022 年衝突爆發時，面臨半數儲備遭西方管轄權凍結的困境；第三，2022 年全面制裁下，NWF 職能發生根本性轉變，資金大量轉移配置於國內受制裁實體與非流動性資產，從跨世代儲蓄機制轉型為具備準財政性質的融資工具，並承擔長期資源配置成本，進而導致其流動性資產比重於 2025 年底發生結構性下降。
依本文採用Truman 33項指標架構進行重新評估之結果，NWF於2025年之公開可驗證治理合規程度較早期明顯下降，主要反映於資訊揭露、治理及投資行為等面向。此一結果顯示，在極端地緣政治壓力下，基金原有之治理模式與政策功能均出現明顯變化。

Sovereign Wealth Funds (SWFs) serve both as fiscal reservoirs for resource revenue management and strategic defense tools in geopolitical competition. Focusing on Russia’s National Welfare Fund (NWF), this study establishes a dual-axis analytical framework—evaluating "external geopolitical pressure" against "internal governance compliance"—to systematically examine the fund’s operational logic and functional shift from 2004 to 2025, utilizing the Santiago Principles and the Truman Scoreboard as normative evaluation instruments.
The research identifies three core development stages. First, during the normalized period (2004-2014), Russia implemented resource revenue management via strict budget rules, successfully building a macroeconomic defense. Second, post-2014, the "Fortress Russia" strategy restructured reserve currencies, but a persistent path dependence on Western custodial infrastructures culminated in a structural challenge where half of its reserves faced frozen status under Western jurisdiction in 2022. Finally, under post-2022 comprehensive sanctions, the NWF underwent a fundamental transformation; its capital was reallocated into sanctioned entities and illiquid domestic assets, transitioning the fund from an intergenerational savings mechanism into an unconventional financing tool with quasi-fiscal characteristics, absorbing long-term allocation costs, which culminated in a structural decline of its liquid asset ratio by the end of 2025.
Based on this study's reassessment using the 33 indicators of the Truman Scoreboard framework, the publicly verifiable governance compliance of the NWF declined markedly by 2025, particularly in transparency, governance, and investment behavior. The result reflects significant changes in the Fund's governance and policy functions under intensified geopolitical pressure.

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