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:
“Of all my Russian books, The Defense contains and diffuses the greatest “warmth”Mwhich may seem odd seeing how supremely abstract chess is supposed to be.”
—Vladimir Nabokov (1899–1977)
“In my public statements I have earnestly urged that there rested upon government many responsibilities which affect the moral and spiritual welfare of our people. The participation of women in elections has produced a keener realization of the importance of these questions and has contributed to higher national ideals. Moreover, it is through them that our national ideals are ingrained in our children.”
—Herbert Hoover (1874–1964)
“In general, Russia suffers from a frightening poverty in the sphere of facts and a frightening wealth of all types of arguments.”
—Anton Pavlovich Chekhov (1860–1904)
“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)