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:
“Watching a woman make Russian pancakes, you might think that she was calling on the spirits or extracting from the batter the philosopher’s stone.”
—Anton Pavlovich Chekhov (1860–1904)
“Disney World has acquired by now something of the air of a national shrine. American parents who don’t take their children there sense obscurely that they have failed in some fundamental way, like Muslims who never made it to Mecca.”
—Simon Hoggart (b. 1946)
“The labor of women in the house, certainly, enables men to produce more wealth than they otherwise could; and in this way women are economic factors in society. But so are horses.”
—Charlotte Perkins Gilman (1860–1935)
“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)