Russia Looks to $26 Billion Pension Stash to Ease Funding Crunch
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Russian businesses are gasping for capital and pension funds are increasingly coming to the rescue.
As penalties over the conflict in Ukraine block access to capital markets, non-state pension funds are stepping in with funding for companies, according to Deputy Economy Minister Nikolay Podguzov. The more retirement assets are steered into investment, the bigger the savings for the National Wellbeing Fund, a rainy-day reserve the authorities have tapped to offset the effect of economic curbs, said Alexey Moiseev, a deputy finance minister.