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Russian cabinet validates possibility to invest funds of National Wealth Fund in gold

The earnings of the NWF’s funds invested in gold will be formed based on transactions on its purchase and sale considering the gold prices effective on the day of payment, the government said

© Misunseo/Shutterstock/FOTODOM

MOSCOW, May 22. /TASS/. Russian Prime Minister Mikhail Mishustin has signed a decree validating the possibility of investing the funds of the National Wealth Fund (NWF) in gold, according to a statement released on the website of the government.

"It will be possible to place the funds of the National Wealth Fund (NWF) on bank accounts with the Bank of Russia in precious metals, particularly in gold, which is traditionally a defensive asset," the explanatory note to the document said.

The earnings of the NWF’s funds invested in gold will be formed based on transactions on its purchase and sale considering the gold prices effective on the day of payment, the government said.

The decision will make it possible to diversify the investments by the Fund in a move to guard them against loss, as well as increase yield, according to the explanatory note.

The Russian Financial Ministry announced plans in late March to expand the possibility of investing the funds of the National Wealth Fund in gold as a traditional ‘defensive’ asset.

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