MOSCOW, October 31 /TASS/. Russian President Vladimir Putin has signed a decree, effectives as of date of publication, on the creation of an All-Russian public state organization called the Russian Culture Fund.

The fund is being created "for the purpose of consolidating the efforts of state and civil society for creating conditions to stimulate people to realize their personal creative potential; preserve cultural values; ensure the popularization of Russian culture and contribute to the development of cultural potential of Russian regions," the decree, which was signed and published at the legal information portal, said on Monday.

The Russian Culture Ministry will be the fund’s founder. Individuals and public organizations can also take part in the fund’s creation.

The Russian cabinet of ministers has received instructions to turn over the necessary federal property to the fund; provide it with a building in Moscow and approve the procedure of subsiding the new cultural structure. The subsidies will be included in the next year’s federal draft budget.