Russia’s $191 Billion Wealth Fund May Adopt ESG Criteria
- Finance Ministry proposes using wealth fund for green projects
- Requirements won’t apply to already-approved projects
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Russia’s Finance Ministry has proposed adopting sustainable development principles to select investments for the country’s $191 billion wealth fund, a move that could face opposition from President Vladimir Putin, who has repeatedly tapped it to pay for oil and gas projects.
“The current situation creates risks in which, against the backdrop of the global transition to a low-carbon economy, projects applying for funding from the National Wellbeing Fund can’t be successfully completed,” Deputy Finance Minister Timur Maksimov said in an interview with Bloomberg News. The government is currently reviewing the proposal, he said.