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:
“In Western Europe people perish from the congestion and stifling closeness, but with us it is from the spaciousness.... The expanses are so great that the little man hasn’t the resources to orient himself.... This is what I think about Russian suicides.”
—Anton Pavlovich Chekhov (1860–1904)
“I foresee the time when the painter will paint that scene, no longer going to Rome for a subject; the poet will sing it; the historian record it; and, with the Landing of the Pilgrims and the Declaration of Independence, it will be the ornament of some future national gallery, when at least the present form of slavery shall be no more here. We shall then be at liberty to weep for Captain Brown. Then, and not till then, we will take our revenge.”
—Henry David Thoreau (1817–1862)
“Franklin said once in one of his inspired flights of malignity—
Early to bed and early to rise
Make a man healthy and wealth and wise.
As if it were any object to a boy to be healthy and wealthy and wise on such terms.”
—Mark Twain [Samuel Langhorne Clemens] (1835–1910)
“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)