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)
“It is not unkind to say, from the standpoint of scenery alone, that if many, and indeed most, of our American national parks were to be set down on the continent of Europe thousands of Americans would journey all the way across the ocean in order to see their beauties.”
—Franklin D. Roosevelt (1882–1945)
“When the ice is covered with snow, I do not suspect the wealth under my feet; that there is as good as a mine under me wherever I go. How many pickerel are poised on easy fin fathoms below the loaded wain! The revolution of the seasons must be a curious phenomenon to them. At length the sun and wind brush aside their curtain, and they see the heavens again.”
—Henry David Thoreau (1817–1862)
“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)