Russian National Wealth Fund is Russia's Sovereign Wealth Fund. It was created after the Stabilization Fund of the Russian Federation was split into two separate investment funds on 30 January 2008. The two funds are Reserve Fund, which is invested abroad in low-yield securities and used when oil and gas incomes fall, and the National Wealth Fund, which invests in riskier, higher return vehicles, as well as federal budget expenditures. The Reserve Fund was given $137,09 billion and the National Welfare Fund was given $87,97 billion. The fund is controlled by the Ministry of Finance.
The National Wealth Fund will receive funds from investments returns or any excess funds that the Reserve Fund produces. The Reserve Fund is capped at 10% of Russian GDP and any funds over that will be given to the Wealth Fund.
Famous quotes containing the words russian, national, wealth and/or fund:
“Other centuries had their driving forces. What will ours have been when men look far back to it one day? Maybe it won’t be the American Century, after all. Or the Russian Century or the Atomic Century. Wouldn’t it be wonderful, Phil, if it turned out to be everybody’s century, when people all over the world—free people—found a way to live together? I’d like to be around to see some of that, even the beginning.”
—Moss Hart (1904–1961)
“Let him [the President] once win the admiration and confidence of the country, and no other single force can withstand him, no combination of forces will easily overpower him.... If he rightly interpret the national thought and boldly insist upon it, he is irresistible; and the country never feels the zest of action so much as when the President is of such insight and caliber.”
—Woodrow Wilson (1856–1924)
“It is better to pay court to a queen ... than to worship, as we too often do, some unworthy person whose wealth is his sole passport into society. I believe that a habit of respect is good for the human race.”
—M. E. W. Sherwood (1826–1903)
“I am advised that there is an unexpended balance of about $45,000 of the fund appropriated for the relief of the sufferers by flood upon the Mississippi River and its tributaries, and I recommend that authority be given to use this fund to meet the most urgent necessities of the poorer people in Oklahoma.”
—Benjamin Harrison (1833–1901)