Russia “learns lessons” and steps up high-tech investment, top Russian financier says
24 Jan '18
Russia has “learned its lesson” about oil price volatility, the chief executive of the Russian Direct Investment Fund (RDIF) told CNBC Tuesday.
Speaking from the World Economic Forum in Davos, RDIF CEO Kirill Dmitriev emphasized the importance of diversification in the Russian economy.
“For the Russian economy we continue to focus on diversification. We expect technology to make up 25 percent of our portfolio,” Mr. Dmitriev said.
RDIF is the $10bn sovereign wealth fund created by Russia’s government to co-invest in the Russian economy alongside other countries. The fund has been under U.S. government sanctions since 2015 because of ties to its parent, Russian bank Vnesheconombank (VEB), which has been dubbed the “bank of spies” by members of the U.S. intelligence community, according to CNBC.