Sunday, February 3, 2008

Russia Creates $32 Billion Fund to Make Foreign Investments

MOSCOW — Russia has split its oil proceeds into two funds and cleared the way for one to invest in foreign stocks and bonds, officials said Thursday. But actual investments are not expected to begin until fall at the earliest.

The move sets up an investment pool with $32 billion, rivaling big American hedge funds and offering another sign of the dizzying wealth these days of oil-producing countries like Russia.

Officials here are already moving to address possible concerns from regulators in the United States and Europe about a government entity investing on the stock exchanges with such large resources.

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