Russia Fin Min: Oil Fund's Conservative Management Paying Off
Saturday June 7th, 2008 / 20h29
ST. PETERSBURG, Russia -(Dow Jones)- The conservative management strategy of Russia's oil fund has paid off so far, Finance Minister Alexei Kudrin said Saturday. "We haven't lost a single penny" as a result of the turmoil on the global financial markets that has depleted some other countries' sovereign funds - especially in Asia and in the Middle East - Kudrin told investors gathered at Russia's key economic event, the St. Petersburg International Economic Forum. Russia has accumulated $162 billion in oil and gas windfall revenues over the past four years. In February, the windfall revenue collected by the Stabilization Fund was split into two entities: the Reserve Fund and the National Welfare Fund. The assets of the Reserve Fund are to be used only for retirement of debt and budget shortfalls. The National Welfare Fund money will go to support the country's pension system. There has been mounting pressure from inside the government as well as from regional officials to start aggressive internal investment of the funds or to put parts of its assets in riskier but higher-yielding instruments such as corporate equities, Kudrin said. "Since I am the manager of the fund, I am trying to be overly cautious," he added. He said the country's building inflationary pressures will prevent investing the assets in the domestic economy for the time being. The government gave the Finance Minister until October to devise a management and investment strategy for the National Welfare Fund, which was created to allow for investment of its assets in high-grade corporate instruments. -By Lidia Kelly; Dow Jones Newswires; +7-985-998-4279; lidia.kelly@dowjones.com
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