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The Sovereign Wealth Funds in Russia June 2011 Alexey Moiseev Tel: +7 (495) 660 4269 E-mail: alexey . moiseev @ vtbcapital.com. The welfare funds in Russia. Saving and Spending. Source: Ministry of Finance, VTB Capital Research. Source: Ministry of Finance, VTB Capital Research.
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The Sovereign Wealth Funds in Russia June 2011 Alexey Moiseev Tel: +7 (495) 660 4269 E-mail: alexey.moiseev@vtbcapital.com
Saving and Spending Source: Ministry of Finance, VTB Capital Research Source: Ministry of Finance, VTB Capital Research Reserve fund spending structure 2008-2010 National welfare fund spending structure 2008-2010 Source: Ministry of Finance, VTB Capital Research Source: Ministry of Finance, VTB Capital Research
Spending during the 2008-2010 crisis vs oil prices Source: Ministry of Finance, VTB Capital Research
Will Russian Wealth Funds Marginalize in The Future? Reserve Fund – official projections National Welfare Fund - official projections Source: Ministry of Finance, VTB Capital Research Source: Ministry of Finance, VTB Capital Research
Will Russian Wealth Funds Marginalize in The Future? Source: Ministry of Finance, VTB Capital Research