U.S. Treasury Sanctions Russian Direct Investment Fund

The U.S. Treasury has added a number of Russian entities to its sanctions lists. One of the entities is the Russian Direct Investment Fund (RDIF) which partners with other sovereign wealth funds on deals in Russia and abroad. Essentially, the U.S. Treasury’s Office of Foreign Assistance Control (OFAC) on July 30th added the RDIF because the management company is a fully-owned subsidiary of bank Vnesheconombank. Some other Russian entities added to the OFAC list are Eximbank of Russia, Development Corporation of North Caucasus OJSC, Far East and Baikal Region Development Fund OJSC, Federal Center for Project Financed, Globexbank and VEB Capital.

Russia Forges Ties in the East

In July, the RDIF and Saudi Arabia’s Public Investment Fund (PIF) announced a partnership to invest in infrastructure and farmland investments in Russia. The PIF committed US$ 10 billion in the partnership.

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