Russia prepares to invest in banks

Moscow

RUSSIA has prepared legal changes that would enable the government to invest up to 20 per cent of its National Wealth Fund (NWF) in subordinated debts of banks, according to a document published on a government website.

The draft governmental resolution would change the investment rules for the US$82 billion fund, one of two major sovereign funds financed from oil taxes. The portal where it was posted is used to flag upcoming regulatory amendments and invite public discussion of them.