The Russian Direct Investment Fund (RDIF) is Russia's

sovereign wealth fund A sovereign wealth fund (SWF), sovereign investment fund, or social wealth fund is a state-owned investment fund that invests in real and financial assets such as stocks, bonds, real estate, precious metals, or in alternative investments such ...

established in 2011 by the

Russian government The Government of Russia exercises executive power in the Russian Federation. The members of the government are the prime minister, the deputy prime ministers, and the federal ministers. It has its legal basis in the Constitution of the Russia ...

to make investments in companies of high-growth sectors of the

Russian economy The economy of Russia has gradually transformed from a planned economy into a mixed market-oriented economy. —Rosefielde, Steven, and Natalia Vennikova. “Fiscal Federalism in Russia: A Critique of the OECD Proposals.” Cambridge Jou ...

. 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.

Kirill Dmitriev Kirill Alexandrovich Dmitriev (russian: Кирилл Александрович Дмитриев; born 12 April 1975) is the CEO of the Russian Direct Investment Fund (RDIF), a $10 billion sovereign wealth fund created by the Russian government ...

is the RDIF's

chief executive officer A chief executive officer (CEO), also known as a central executive officer (CEO), chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization especially ...

History

RDIF was founded in June 2011 under the leadership of both Russian President

Dmitry Medvedev Dmitry Anatolyevich Medvedev ( rus, links=no, Дмитрий Анатольевич Медведев, p=ˈdmʲitrʲɪj ɐnɐˈtolʲjɪvʲɪtɕ mʲɪdˈvʲedʲɪf; born 14 September 1965) is a Russian politician who has been serving as the dep ...

and Prime Minister

Vladimir Putin Vladimir Vladimirovich Putin; (born 7 October 1952) is a Russian politician and former intelligence officer who holds the office of president of Russia. Putin has served continuously as president or prime minister since 1999: as prime min ...

. In June 2012, RDIF and

China Investment Corporation China Investment Corporation (CIC) (Chinese: 中国投资有限责任公司; pinyin: ''zhōngguó tóuzī yǒuxiàn zérèn gōngsī'') is a sovereign wealth fund that manages part of the People's Republic of China's foreign exchange reserves. C ...

(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. On 28 February 2022, as a result of the

2022 Russian invasion of Ukraine On 24 February 2022, in a major escalation of the Russo-Ukrainian War, which began in 2014. The invasion has resulted in tens of thousands of deaths on both sides. It has caused Europe's largest refugee crisis since World War II. An ...

, 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 political and economic union of member states that are located primarily in Europe. The union has a total area of and an estimated total population of about 447million. The EU has often been des ...

, 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 U.S. Treasury Department. It administers and enforces economic and trade sanctions in support of U.S. national security and foreign policy ob ...

labeled RDIF as a

slush fund A slush fund is a fund or account that is not properly accounted, such as money used for corrupt or illegal purposes, especially in the political sphere. Such funds may be kept hidden and maintained separately from money that is used for legitim ...

for

and as emblematic of Russia’s broader

kleptocracy Kleptocracy (from Greek κλέπτης ''kléptēs'', "thief", κλέπτω ''kléptō'', "I steal", and -κρατία -''kratía'' from κράτος ''krátos'', "power, rule") is a government whose corrupt leaders (kleptocrats) use political ...

RDIF Management

RDIF Management structure includes Supervisory board with the government representatives, and International Advisory Board.

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 ( ar, شركة مبادلة للاستثمار), or simply Mubadala, is an Emirati state-owned holding company that acts as a sovereign wealth fund. The company was established in 2017 when then-named Mubadala Dev ...

), the

Abu Dhabi Abu Dhabi (, ; ar, أَبُو ظَبْيٍ ' ) is the capital and second-most populous city (after Dubai) of the United Arab Emirates. It is also the capital of the Emirate of Abu Dhabi and the centre of the Abu Dhabi Metropolitan Area. ...

-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 Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about , making it the fifth-largest country in Asia, the second-largest in the A ...

’s sovereign wealth fund, the

Public Investment Fund The Public Investment Fund (PIF; ar, links=no, صندوق الإستثمارات العامة) is the sovereign wealth fund of Saudi Arabia. It is among the largest sovereign wealth funds in the world with total estimated assets of $620 billion ...

(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 nati ...

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 Investment Authority (QIA; ar, جهاز قطر للإستثمار) is Qatar's sovereign wealth fund. The QIA was founded by the State of Qatar in 2005 to strengthen the country's economy by diversifying into new asset classes. In 2021 ...

, the

Qatar Qatar (, ; ar, قطر, Qaṭar ; local vernacular pronunciation: ), officially the State of Qatar,) is a country in Western Asia. It occupies the Qatar Peninsula on the northeastern coast of the Arabian Peninsula in the Middle East; it sh ...

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 ( it, Italia ), officially the Italian Republic, ) or the Republic of Italy, is a country in Southern Europe. It is located in the middle of the Mediterranean Sea, and its territory largely coincides with the homonymous geographical re ...

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 in ...

(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 Kuwait's sovereign wealth fund, managing the state’s reserve and the state’s future generation fund (FGF). Founded in 1953, the KIA is the world's oldest sovereign wealth fund. As of April 2022, it ...

(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 ( ; ; ar, البحرين, al-Bahrayn, locally ), officially the Kingdom of Bahrain, ' is an island country in Western Asia. It is situated on the Persian Gulf, and comprises a small archipelago made up of 50 natural islands and an ad ...

, 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 Turkey, the Commonwealth of Independent States, Europe, Mi ...

, 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 Children's World (russian: «Де́тский мир») or Detsky Mir is a Russian children's retailer. Founded in June 1957, as of March 2022, the company had 1125 stores. It is the largest children's goods retailer in Russia and the CIS, with ...

* City hospital No. 40 in St. Petersburg * Кaro Film * World Class * Alium

Infrastructure development

* Сonstruction 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; rus, Московская биржа, r=Moskovskaya birzha, p=mɐˈskofskəjə ˈbʲirʐə, a=) is the largest exchange in Russia, operating trading markets in equities, bonds, derivatives, the foreign exchange market, ...

Pulkovo Airport Pulkovo ( rus, links=no, Пулково, p=ˈpulkəvə) is an international airport serving St. Petersburg, Russia. It consists of one terminal which is located south of the city centre. The airport serves as a airline hub, hub for Rossiya Ai ...

Transneft Joint Stock Company Transneft (russian: Транснефть) is a state-controlled pipeline transport company headquartered in Moscow, Russia. It is the largest oil pipeline company in the world. Transneft is operating over of trunk pipeline ...

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, pa ...

Enel Russia Enel Russia (Full name: Public Joint Stock Company Enel Russia; former names: OGK-5 and Enel OGK-5) is a Russian power generation company created by the reorganization of RAO UES, a former united power company of Russia. The company is register ...

Aeroflot PJSC AeroflotRussian Airlines (russian: ПАО "Аэрофло́т — Росси́йские авиали́нии", ), commonly known as Aeroflot ( or ; russian: Аэрофлот, , ), is the flag carrier and the largest airline of Russia. The ...

Inter RAO Joint Stock Company Inter RAO UES (russian: Публичное акционерное общество «ИНТЕР РАО ЕЭС», short form: Inter RAO), traded as, is a diversified energy holding company headquartered in Moscow, Russia. Its ...

Sovcombank Sovcombank (Public Joint-Stock Company "Sovcombank", Russian language, Russian: Совкомбанк) is a Russian privately owned universal bank included in the list of 13 systemically important Russian banks. In terms of assets, it ranks 9th ...

* 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 Zuffa, a wholly owned subsidiary of Endeavor Group Holdings. It is the largest MMA ...

* Zapsibneftekhim * Voltyre-Prom *

Russian Helicopters JSC Russian Helicopters (russian: Вертолёты России ''Vertolyoty Rossii'') is a helicopter design and manufacturing company headquartered in Moscow, Russia. The company designs and manufactures civilian and military helicopters. The c ...

* Ust-Luga Marine Terminal * PhosAgro * Dakaitaowa *

Arc International Arc Holdings is the holding company of the Arc Group, specializing in the design and manufacturing of glass tableware. The Arc Group markets its collections in France and exports them abroad under the registered trademarks Luminarc, Arcopal, Cr ...

En+ Group En or EN may refer to: Businesses * Bouygues (stock symbol EN) * Esquimalt and Nanaimo Railway (reporting mark EN, but now known as Southern Railway of Vancouver Island) * Euronews, a news television and internet channel Language and writing * ...

* 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 (russian: Международный аэропорт "Владивосток" ''Mezhdunarodnyi aeroport Vladivostok'') is an international airport located near Artyom, Primorsky Krai, Russia, roughly an hour's d ...

* Tigers Realm Coal *

Magnit Magnit (Магнит, "Magnet") is one of Russia's largest food retailers. It was founded in 1994 in Krasnodar by Sergey Galitsky. As of March 2016, the company had 12,434 stores in 2,385 locations. They include 9,715 convenience stores, 225 ...

* Alrosa *

Lenta (retail) Lenta ( rus, Лентa) 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 Zherebt ...

Efficiency growth

* Cotton Way * Logistics platform PLT * Globaltruck * AutoPartners

Technological development

* AliExpress Russia * Deliver *

Hyperloop A hyperloop is a proposed high-speed transportion system for both public and goods transport. The idea was picked up by Elon Musk to describe a modern project based on the vactrain concept (first appearance in 1799). Hyperloop systems compris ...

* Motorika

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 the U.S. Department of the Treasury sanctions