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:
“That is almost the whole of Russian literature: the phenomenal coruscations of the souls of quite commonplace people.”
—D.H. (David Herbert)
“This is the first national administration we’ve ever seen where the housewife couldn’t afford to buy groceries and the farmer couldn’t afford to grow them.”
—Jimmy Carter (James Earl Carter, Jr.)
“We are often reminded that if there were bestowed on us the wealth of Crsus, our aims must still be the same, and our means essentially the same.”
—Henry David Thoreau (1817–1862)
“School success is not predicted by a child’s fund of facts or a precocious ability to read as much as by emotional and social measures; being self-assured and interested: knowing what kind of behavior is expected and how to rein in the impulse to misbehave; being able to wait, to follow directions, and to turn to teachers for help; and expressing needs while getting along with other children.”
—Daniel Goleman (20th century)