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Russian FinMin Siluanov Warns Large Deficit Could Consume Reserves

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Russian state-owned companies have lobbied the Kremlin for “loans and capital injections” from the country’s two large sovereign wealth funds, the National Welfare Fund and Reserve Fund. Western sanctions have affected Russian state-owned enterprises (SOE) from tapping Western capital markets for funding.

Russian Finance Minister Anton Siluanov warned that Russia could use up all of its Reserve Fund in 18 months if spending is not carefully monitored. TASS news agency reported Siluanov speaking to students in St. Petersburg, “This year we will use up to 3 trillion rubles [US$ 59 billion] of the Reserve Fund’s 5 trillion [US$ 98 billion], that is, we could basically use it up in a year and a half if we don’t approach our budget policy responsibly.”

Rumors Swirl Around PIF Looking at Tesla Rivals

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Saudi Arabia’s Public Investment Fund (PIF) could be doubling down on electric automobile manufacturers. It was revealed that PIF has a sizeable stake in Tesla Inc. Elon Musk’s recent tweets have stirred up financial media and has even prompted an SEC probe.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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DLF-GIC to Kick in Rs 12.5 Billion for Midtown Project

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Indian real estate giant DLF, which has worked with Singapore’s GIC Private Limited in the past, is working on a new housing project in central Delhi dubbed Midtown. Large residential real estate projects in India’s capital are difficult to come by. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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QIA-Glencore Stake Valued at 7.4 Billion euros

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QHG Oil Ventures is selling a 14.2 % stake in Moscow-based Rosneft for €7.4 billion (US$ 8.4 billion) to the Qatar Investment Authority (QIA). This is according to a QHG financial statement. QHG Oil Ventures is a joint venture between the Qatar Investment Authority and Glencore, a Swiss-based, broad-spectrum mining and commodity company. QHG Oil Ventures was originally formed to invest in Rosneft. QHG purchased a 19.5 % stake in the company in 2016, in a deal that supplied Russia with needed funding at the time, and the estimated value of the investment has remained steady. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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