Russian Federation Reserve Fund
|Russia's Reserve Fund|
|Inception:|| January 30, 2008
|Assets:|| $39 billion
|Reports||Sovereign Wealth Funds Contact and Information Report|
The Russian government, on January 9 2008, approved the creation of a new Reserve Fund. This fund will be created out of the stabilization fund and will be launched on February 9th. The fund, which will receive money for Russia's oil production, can deposit in foreign banks and credit organizations. The fund can also invest in foreign currency and securities. However, the Foreign deposits can't exceed 30% of the total.
The fund may only place money in the following countries Austria, Belgium, Canada, Denmark, Finland, France, Germany, Great Britain, Ireland, Luxembourg, The Netherlands, Spain, Sweden and the United States. The Russian government consider these countries financially stable.
The Reserve Fund can be used to cover deficits in the federal budget should oil prices fall.