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Russia Dusts Off 2008 Playbook With $10 Billion Ready to Buy Local Stocks

  • Financing to come from Russia’s National Wellbeing Fund
  • Russian GDRs are tumbling with local trading yet to resume
The Moscow Exchange MICEX-RTS PJSC building in Moscow.
The Moscow Exchange MICEX-RTS PJSC building in Moscow.Photographer: Andrey Rudakov/Bloomberg
Bloomberg News

Russia will deploy up to $10 billion from its sovereign wealth fund to buy up battered local stocks after sweeping international sanctions shuttered the nation’s markets.

Under the plan, the Finance Ministry may hire VEB.RF and other financial organizations to carry out the purchases on behalf of the $174.9 billion National Wellbeing Fund.