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Sovereign Wealth Funds Briefing - Categorized | Reserve Currencies, Trends

Oil price crash is not panicking petro states

Posted on 05 November 2015

With their national history of turbulence, Russians have mastered a skill that many of us in the West haven’t had the opportunity to develop: exploiting crisis. The Russian official explained to me that the oil price crash has prompted Russian President Vladimir Putin to draw from two sovereign wealth funds worth more than $150 billion, according to the Sovereign Wealth Fund Institute.
The official explained that the money from the funds would be used to stimulate growth in non-oil sectors. There’s little incentive to develop those sectors if you can just drill a hole in the ground and a cash flow gushes out of it, but plummeting oil prices provided the motivation………………………………………..Full Article: Source


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