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Sovereign Wealth Funds Briefing - Categorized | Financials, People

Rosneft Must Keep Hands Off Wealth Fund, Kudrin Says

Posted on 13 November 2014

The man who designed Russia’s rainy-day fund to protect against swings in commodity prices says the country’s state oil company shouldn’t be allowed anywhere near the money. OAO Rosneft (ROSN), headed by Igor Sechin, a long-time ally of President Vladimir Putin, asked last month for more than $44 billion from Russia’s Wellbeing Fund to finance investment after sanctions closed capital markets for the company.
The request runs totally against the spirit of the reserve, designed to hedge against dependence on energy exports, said Alexei Kudrin, who was finance minister for more than a decade until 2011………………………………………..Full Article: Source


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