Speaking at the Russian Economic Forum in London, deputy head of the government staff Mikhail Kopeikin told journalists that Deputy Prime Minister Alexander Zhukov had given instructions for a bill to be submitted amending current legislation so Stabilization Fund proceeds could be invested in foreign stock.
Kopeikin said it would take a few months for the amendments to be considered and adopted, and that some 15%-25% of the Stabilization Fund, set up to accumulate windfall revenue from high oil prices, should be invested in blue chips at the first stage.
Earlier, Finance Minister Alexei Kudrin said money from the Stabilization Fund would be invested in highly reliable state securities of foreign countries at the first stage, and later in stock of highly reliable foreign businesses.
The Finance Ministry said last month the Stabilization Fund stood at 1,562.7 billion rubles ($55.7 billion) as of March 1. The government in March approved a financial plan for 2006-2008 that forecast the Stabilization Fund would reach 2,099,210 mln rubles ($75 bln) in early 2007, and 3,067,040 mln rubles ($110 bln) in early 2008.
