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:
“A country is strong which consists of wealthy families, every member of whom is interested in defending a common treasure; it is weak when composed of scattered individuals, to whom it matters little whether they obey seven or one, a Russian or a Corsican, so long as each keeps his own plot of land, blind in their wretched egotism, to the fact that the day is coming when this too will be torn from them.”
—Honoré De Balzac (1799–1850)
“What do we mean by patriotism in the context of our times? I venture to suggest that what we mean is a sense of national responsibility ... a patriotism which is not short, frenzied outbursts of emotion, but the tranquil and steady dedication of a lifetime.”
—Adlai Stevenson (1900–1965)
“O, the fierce wretchedness that glory brings us!
Who would not wish to be from wealth exempt,
Since riches point to misery and contempt?”
—William Shakespeare (1564–1616)
“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)