The Russian Direct Investment Fund (, RDIF) is Russia's
sovereign wealth fund
A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...
established in 2011 by the
Russian government
The Russian Government () or fully titled the Government of the Russian Federation () is the highest federal executive governmental body of the Russian Federation. It is accountable to the president of the Russian Federation and controlled by ...
to make investments in companies of high-growth sectors of the
Russian economy
The economy of Russia is an Developing country, emerging and developing, World Bank high-income economy, high-income, industrialized, mixed economy, mixed Market economy, market-oriented economy.
—Rosefielde, Steven, and Natalia Vennikova. " ...
. Its mandate is to co-invest alongside the world's largest institutional investors, direct investment funds, sovereign wealth funds and leading companies.
RDIF's reserved capital under management equals $10 billion. RDIF has invested and committed for this purpose 2.1 trillion rubles, of which RDIF invested 200 billion rubles and 1.9 trillion rubles came from co-investors, partners and banks. RDIF also attracted over $40 billion of foreign capital into the Russian economy through long-term strategic partnerships.
is the RDIF's
chief executive officer
A chief executive officer (CEO), also known as a chief executive or managing director, is the top-ranking corporate officer charged with the management of an organization, usually a company or a nonprofit organization.
CEOs find roles in variou ...
.
History
RDIF was founded in June 2011 under the leadership of both Russian President
Dmitry Medvedev
Dmitry Anatolyevich Medvedev (born 14 September 1965) is a Russian politician and lawyer who has served as Deputy Chairman of the Security Council of Russia since 2020. Medvedev was also President of Russia between 2008 and 2012 and Prime Mini ...
and Prime Minister
Vladimir Putin
Vladimir Vladimirovich Putin (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Ru ...
.
In June 2012, RDIF and
China Investment Corporation
China Investment Corporation (CIC) is a sovereign wealth fund that manages part of China's foreign exchange reserves. China's largest sovereign fund, CIC was established in 2007 with about US$200 billion of assets under management. In Mar ...
(CIC) established the Russian-Chinese Investment Fund. On 2 June 2016, President of the Russian Federation Vladimir Putin signed Federal Law on the Russian Direct Investment Fund changing the status of RDIF. According to the law, RDIF became the sovereign wealth fund of the Russian Federation.
Value
In June 2023 Russia claimed the fund exceeded 2.1 trillion rubles invested in the Russian economy.
Sanctions
On 28 February 2022, as a result of the
2022 Russian invasion of Ukraine
On 24 February 2022, , starting the largest and deadliest war in Europe since World War II, in a major escalation of the Russo-Ukrainian War, conflict between the two countries which began in 2014. The fighting has caused hundreds of thou ...
, the United States placed RDIF and its chief executive on its
list of sanctioned Russian entities and people.
The
European Union
The European Union (EU) is a supranational union, supranational political union, political and economic union of Member state of the European Union, member states that are Geography of the European Union, located primarily in Europe. The u ...
, Ukraine, United Kingdom and Australia followed later in February and in March. In the recital of the sanction decision,
Office of Foreign Assets Control
The Office of Foreign Assets Control (OFAC) is a financial intelligence and enforcement agency of the United States Department of the Treasury, United States Treasury Department. It administers and enforces economic and trade economic sanctions, ...
labeled RDIF as a
slush fund
A slush fund is a fund or account used for miscellaneous income and expenses, particularly when these are corrupt or illegal. Such funds may be kept hidden and maintained separately from money that is used for legitimate purposes. Slush funds m ...
for
Vladimir Putin
Vladimir Vladimirovich Putin (born 7 October 1952) is a Russian politician and former intelligence officer who has served as President of Russia since 2012, having previously served from 2000 to 2008. Putin also served as Prime Minister of Ru ...
and as emblematic of Russia's broader
kleptocracy
Kleptocracy (from Greek , "thief", or , "I steal", and from , "power, rule"), also referred to as thievocracy, is a government whose corrupt leaders (kleptocrats) use political power to expropriate the wealth of the people and land the ...
.
Restrictions also apply to parties entering investments with the Fund. The
EU prohibit investment, participation, or contribution to projects co-financed by RDIF.
RDIF Management
RDIF Management structure includes Supervisory board with the government representatives, and International Advisory Board.
Kirill Dmitriev has been the RDIF's CEO since its inception in 2011.
Strategic Partnerships and Investment Platforms
The Russia-China Investment Fund
Together with China Investment Corporation (CIC) RDIF created a $2 billion Russia-China Investment Fund.
RDIF and Mubadala co-investment fund
RDIF and Mubadala Development company (
Mubadala
Mubadala Investment Company PJSC (), or simply Mubadala, is a state-owned global investment firm that acts as one of the sovereign wealth funds of the government of Abu Dhabi. The company was established in 2017 when then-named Mubadala Developme ...
), the
Abu Dhabi
Abu Dhabi is the capital city of the United Arab Emirates. The city is the seat of the Abu Dhabi Central Capital District, the capital city of the Emirate of Abu Dhabi, and the UAE's List of cities in the United Arab Emirates, second-most popu ...
-based investment and development company, agreed to launch a $2 billion co-investment fund to pursue opportunities in Russia.
The Russia-Saudi Investment Fund
RDIF and
Saudi Arabia
Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in West Asia. Located in the centre of the Middle East, it covers the bulk of the Arabian Peninsula and has a land area of about , making it the List of Asian countries ...
’s sovereign wealth fund, the
Public Investment Fund
The Public Investment Fund (PIF; ) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of billion. It was created in 1971 for the purpose of investing funds on be ...
(PIF), have created a partnership to invest in attractive projects in Russia, in areas including infrastructure and agriculture.
The Russia-France Investment Platform
RDIF and
Caisse des Dépôts
Caisse, a French word, may refer to:
* Caisse Desjardins, an association of credit unions in Quebec
* Caisse d'Epargne-Illes Balears, a road-bicycle racing team
* Caisse de dépôt et placement du Québec, a public pension fund in Quebec
* Caisse ...
International (CDC International) have launched the Russia-France Investment Platform, which will seek attractive investments across a broad range of sectors and asset classes.
RDIF and Qatar Holding co-investment fund
RDIF and
Qatar Holding, the
Qatar
Qatar, officially the State of Qatar, is a country in West Asia. It occupies the Geography of Qatar, Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it shares Qatar–Saudi Arabia border, its sole land b ...
sovereign wealth fund, announced the launch of co-investment fund.
The Russian-Italian investment platform
RDIF and
Fondo Strategico Italiano (FSI) agreed to establish a €1 billion Russian-Italian investment platform. The two financial institutions will invest in companies and projects promoting the development of foreign trade and increase of FDI between
Italy
Italy, officially the Italian Republic, is a country in Southern Europe, Southern and Western Europe, Western Europe. It consists of Italian Peninsula, a peninsula that extends into the Mediterranean Sea, with the Alps on its northern land b ...
and Russia.
The Russia-Japan Investment Fund
RDIF and
Japan Bank for International Cooperation
The , JBIC, is a Japanese public financial institution and export credit agency that was created on October 1, 1999, through the merger of the Japan Export-Import Bank (JEXIM) and the Overseas Economic Cooperation Fund (OECF).
JBIC became the ...
(JBIC) established a Russia-Japan Investment Fund (RJIF). RJIF will seek and realise attractive investment projects to promote economic, trade and investment cooperation between Japan and Russia. Under the MoU, RDIF and JBIC have agreed that each of them will invest $500 million for the joint investments through RJIF and a joint investment framework.
Collaboration with Kuwait Investment Authority
RDIF launched an automatic co-investment mechanism, with the first $500 million from
Kuwait Investment Authority
The Kuwait Investment Authority (KIA) is the State owned sovereign wealth fund of the State of Kuwait, managing the state's reserve and the state's future generation fund, also known as "Ajyal Fund".
Founded in 1953, the KIA is the world's old ...
(KIA). Later KIA doubled its investment with RDIF to $1 billion.
Memorandum of Understanding between RDIF and Mumtalakat
RDIF and
Mumtalakat, the investment arm of the
Kingdom of Bahrain
Bahrain, officially the Kingdom of Bahrain, is an island country in West Asia. Situated on the Persian Gulf, it comprises a small archipelago of 50 natural islands and an additional 33 artificial islands, centered on Bahrain Island, which mak ...
, signed an MoU to promote investment cooperation between Russia and Bahrain.
Collaboration with Rönesans Holding
RDIF and
Rönesans Holding
Rönesans Holding is a Turkish contracting and investment company operating in construction, real estate development, energy, industrial facilities and health. The company operates in Asia, Europe, and Africa. It was founded in 1993 by Erm ...
, the leading construction, real estate development and investment company, have reached an agreement to expand the scope of their joint investment activities. The parties are focused on attractive investment opportunities within the Russian Federation; and have identified healthcare, construction, infrastructure and commercial real estate as priority sectors.
The Russia-China Venture Fund
RDIF and Chinese company Tus-Holdings agreed to establish a joint Russia-China Venture Fund (RCVF).
RDIF Investments
RDIF investments are focused on 6 areas:
Improving quality of life
* Mother and child
* Geropharm
* Nationwide cancer diagnosis and treatment network
* Nationwide waste to energy eco-friendly programme
*
Detsky Mir
* City hospital No. 40 in St. Petersburg
* Кaro Film
* World Class
* Alium
Infrastructure development
* Construction оf a technopark on the former «Тushino» Аerodrome territory
* Construction of Central Ring Road 3 and 4
* First railway bridge between Russia and China
*
Moscow Exchange
The Moscow Exchange (MOEX; , ) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, money markets, and precious metals. The Moscow Exchange also operates Russia's central secur ...
*
Pulkovo Airport
Pulkovo Airport ( rus, links=no, Аэропорт Пулково, p=ˈpuɫkəvə, Location identifier#Russian location identifier, Internal code: ПЛК) is an international airport serving St. Petersburg, Russia. It is the List of the busiest ...
*
Rönesans Holding
Rönesans Holding is a Turkish contracting and investment company operating in construction, real estate development, energy, industrial facilities and health. The company operates in Asia, Europe, and Africa. It was founded in 1993 by Erm ...
*
Transneft
Joint Stock Company Transneft () is a state-controlled pipeline transport company headquartered in Moscow, Russia. It is the largest oil pipeline company in the world. The company is operating over of trunk pipelines and transports about 80% ...
*
M4 highway (Russia)
The Federal Automobile Road M-4 "Don" is a major expressway, trunk road that links Moscow, Voronezh, Rostov-na-Donu and Krasnodar. Its length is 1517 kilometres.
The route starts at the Moscow Ring Road (as Kashira Highway) and runs south ...
*
Enel Russia
*
Aeroflot
PJSC AeroflotRussian Airlines (, ), commonly known as Aeroflot ( or ; , , ), is the flag carrier and the largest airline of Russia. Aeroflot is headquartered in the Central Administrative Okrug, Moscow, with its hub being Sheremetyevo Interna ...
*
Inter RAO
Joint Stock Company Inter RAO UES (, short form: Inter RAO), traded as, is a diversified energy holding company headquartered in Moscow, Russia. Its business includes power and heat generation, electricity supply, international energy trading, e ...
*
Sovcombank
* Electroshield Samara
* Construction of a motor road in the Krasnodar far western bypass section
Import substitution and export potential
*
UFC
The Ultimate Fighting Championship (UFC) is an American mixed martial arts (MMA) promotion company based in Las Vegas, Nevada. It is owned and operated by TKO Group Holdings, a majority owned subsidiary of Endeavor Group Holdings. The larg ...
* Zapsibneftekhim
* Voltyre-Prom
*
Russian Helicopters
JSC Russian Helicopters () is a helicopter design and manufacturing company headquartered in Moscow, Russia. The company designs and manufactures civilian and military helicopters. The company's principal shareholder is Rostec. It is the world's ...
* Ust-Luga Marine Terminal
*
PhosAgro
* Dakaitaowa
*
Arc International
*
En+ Group
* C.P. Group
* TH Milk
* Intergeo
* Orenbeef
Regional development
* The construction of small hydroelectric power plants in Karelia
* Elimination of “digital inequality”
*
Vladivostok International Airport
Vladivostok International Airport ( ''Mezhdunarodnyi aeroport Vladivostok'') is an international airport located near Artyom, Primorsky Krai, Russia, roughly an hour's drive () north of the center of the city of Vladivostok. It was formerly know ...
* Tigers Realm Coal
*
Magnit
*
Alrosa
Alrosa () is a Russian group of diamond mining companies that specialize in exploration, mining, manufacture, and sale of diamonds. The company leads the world in diamond mining by volume. Mining takes place in Western Yakutia, the Arkhangels ...
*
Lenta (retail)
Lenta () is a Russian super- and hypermarket chain. With 149 locations across the country, it is one of Russia's largest retail chains in addition to being the country's second largest hypermarket chain.
Founded by Oleg Zherebtsov, Lenta op ...
Efficiency growth
* Cotton Way
* Logistics platform PLT
* Globaltruck
* AutoPartners
Technological development
*
AliExpress Russia
* Deliver
*
Hyperloop
Hyperloop is a proposed high-speed transportation system for both passengers and freight. The concept was published by entrepreneur Elon Musk in a 2013 white paper, where the hyperloop was described as a transportation system using capsules supp ...
* Motorika
See also
*
Russian National Wealth Fund
References
External links
Russian Direct Investment Fund (RDIF)
{{DEFAULTSORT:Russian Direct Investment Fund
Financial services companies established in 2011
Investment companies of Russia
Companies based in Moscow
Government-owned companies of Russia
Russian companies established in 2011
Sovereign wealth funds
Russian entities subject to U.S. Department of the Treasury sanctions