Kirill Dmitriev, chief executive of the Russian Direct Investment Fund. The fund manages about $10 billion in assets. Reuters
Kirill Dmitriev, chief executive of the Russian Direct Investment Fund. The fund manages about $10 billion in assets. Reuters
Kirill Dmitriev, chief executive of the Russian Direct Investment Fund. The fund manages about $10 billion in assets. Reuters
Kirill Dmitriev, chief executive of the Russian Direct Investment Fund. The fund manages about $10 billion in assets. Reuters

Business

Economy

Russia's sovereign fund to respond to US sanctions with full force

RDIF said it never indulged in political activities and followed best investment practices

Alkesh Sharma
Alkesh Sharma

February 28, 2022

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The Russian Direct Investment Fund (RDIF), which manages more than $10 billion assets, will respond to US sanctions by using all “available means to protect its rights, reputation and lawful interests”, including by taking the matter to the court, the sovereign wealth fund said in a statement.

“The RDIF was never involved in any political activities … [it] always fully complies with laws of the countries where it conducts its investments,” it said on Monday.

The fund, which has about $40bn of commitments from its partners in addition to assets under management, wasn’t involved in any communication with Ukraine and “follows the world’s best investment practices, which have been acknowledged by all its international partners as well by national regulators”, the fund added.

The US Department of the Treasury’s Office of Foreign Assets Control (OFAC) imposed sanctions on the fund, its management company and one of the managing company’s subsidiaries in response to Russia’s military offensive in Ukraine.

Ukrainian fighters test an automatic grenade launcher taken from a destroyed Russian infantry vehicle in Kharkiv. AFP
Ukrainian fighters test an automatic grenade launcher taken from a destroyed Russian infantry vehicle in Kharkiv. AFP
Refugees from Ukraine rest after arriving at a railway station in Przemysl, Poland. AP
Refugees from Ukraine rest after arriving at a railway station in Przemysl, Poland. AP
People walk down 17th June Street in Berlin before a rally against Russia’s invasion of Ukraine. AP
People walk down 17th June Street in Berlin before a rally against Russia’s invasion of Ukraine. AP
Vitali Klitschko, Mayor of Kiev and former heavyweight boxing champion, right, and his brother, Wladimir. AP
Vitali Klitschko, Mayor of Kiev and former heavyweight boxing champion, right, and his brother, Wladimir. AP
Khreshchatyk, Kiev’s main street, lies empty as a curfew comes into effect. AP
Khreshchatyk, Kiev’s main street, lies empty as a curfew comes into effect. AP
Ukrainian President Volodymyr Zelenskyy speaks to the nation from Kiev. AP
Ukrainian President Volodymyr Zelenskyy speaks to the nation from Kiev. AP
On February 27, the seventh anniversary of the assassination of opposition leader Boris Nemtsov, a note stating ‘No to war!’ is placed among flowers on the central Moscow bridge on which he was shot. AFP
On February 27, the seventh anniversary of the assassination of opposition leader Boris Nemtsov, a note stating ‘No to war!’ is placed among flowers on the central Moscow bridge on which he was shot. AFP
A member of the Ukrainian forces, wearing the Guy Fawkes mask popularised by Anonymous, patrols central Kiev. AFP
A member of the Ukrainian forces, wearing the Guy Fawkes mask popularised by Anonymous, patrols central Kiev. AFP
Sviatoslav Yurash, 26, a politician from President Volodymyr Zelenskyy’s Servant of the People party, poses with his assault rifle as he patrols Kiev. AFP
Sviatoslav Yurash, 26, a politician from President Volodymyr Zelenskyy’s Servant of the People party, poses with his assault rifle as he patrols Kiev. AFP
A Ukrainian serviceman and his dog look at smoke from a burning fuel storage depot after a Russian missile attack near Kiev. EPA
A Ukrainian serviceman and his dog look at smoke from a burning fuel storage depot after a Russian missile attack near Kiev. EPA
A refugee who fled conflict in Ukraine rests at a railway station after arriving in Zahony, Hungary. AP
A refugee who fled conflict in Ukraine rests at a railway station after arriving in Zahony, Hungary. AP
A refugee boy who fled Ukraine cries at the railway station in Zahony, Hungary. AP
A refugee boy who fled Ukraine cries at the railway station in Zahony, Hungary. AP
Civil defence members eat during a break at City Hall in Kiev. AP
Civil defence members eat during a break at City Hall in Kiev. AP
An Indian student is embraced by his family at Chennai Airport after returning from Ukraine. EPA
An Indian student is embraced by his family at Chennai Airport after returning from Ukraine. EPA
Smoke is seen rising from behind buildings following bombings in Kiev. Getty
Smoke is seen rising from behind buildings following bombings in Kiev. Getty
An armed civil defence woman holds a Kalashnikov assault rifle while patrolling an empty street in Kiev. AP
An armed civil defence woman holds a Kalashnikov assault rifle while patrolling an empty street in Kiev. AP
A woman fleeing from Ukraine cries as she waits to be taken to a shelter in Zahony, Hungary. Reuters
A woman fleeing from Ukraine cries as she waits to be taken to a shelter in Zahony, Hungary. Reuters
Ukrainian refugees cross the Romanian border at Siret, northern Romania. EPA
Ukrainian refugees cross the Romanian border at Siret, northern Romania. EPA
A residential building damaged by shelling in Kharkiv, north-eastern Ukraine. AFP
A residential building damaged by shelling in Kharkiv, north-eastern Ukraine. AFP
Apartments damaged by shelling in Kharkiv. AFP
Apartments damaged by shelling in Kharkiv. AFP
A girl protests against Russia's military operation in Ukraine, in front of the Russian embassy in Tel Aviv. AFP
A girl protests against Russia's military operation in Ukraine, in front of the Russian embassy in Tel Aviv. AFP
Young women protest in Tbilisi, Georgia with their hands painted in the colors of the Ukrainian flag. Getty
Young women protest in Tbilisi, Georgia with their hands painted in the colors of the Ukrainian flag. Getty
Supplies for Ukrainian refugees at one of three camps set up at the MoldExpo exhibition center, in Chisinau, Moldova. EPA
Supplies for Ukrainian refugees at one of three camps set up at the MoldExpo exhibition center, in Chisinau, Moldova. EPA
Police detain a demonstrator during a protest against Russia's incursion into Ukraine in St Petersburg. AP
Police detain a demonstrator during a protest against Russia's incursion into Ukraine in St Petersburg. AP
A man waits at a bus stop in St Petersburg, which has been with a painted in the colours of Ukraine's national flag. EPA
A man waits at a bus stop in St Petersburg, which has been with a painted in the colours of Ukraine's national flag. EPA
Russian ground forces approaching Nova Kakhovka, southern Ukraine. AP
Russian ground forces approaching Nova Kakhovka, southern Ukraine. AP
A woman holds her daughter's hand as they arrive by bus from the Polish-Ukrainian border. Getty
A woman holds her daughter's hand as they arrive by bus from the Polish-Ukrainian border. Getty
A man drives his car full of food supplies to deliver to the Ukrainian side of the border, where thousands wait to enter Poland. Getty
A man drives his car full of food supplies to deliver to the Ukrainian side of the border, where thousands wait to enter Poland. Getty
Refugees arrive with buses from the Medyka pedestrian border crossing, in Przemsyl, eastern Poland. AFP
Refugees arrive with buses from the Medyka pedestrian border crossing, in Przemsyl, eastern Poland. AFP
People gather to catch a train and leave Ukraine for neighboring countries at the railway station in Lviv, western Ukraine. AP
People gather to catch a train and leave Ukraine for neighboring countries at the railway station in Lviv, western Ukraine. AP
Cars form a line that stretches 35 kilometres from the Shehyni border crossing to Poland as people try to flee Russia's military operation against Ukraine. Reuters
Cars form a line that stretches 35 kilometres from the Shehyni border crossing to Poland as people try to flee Russia's military operation against Ukraine. Reuters
Helena, right, and her brother Bodia, left, from Lviv, wait at the Medyka border crossing in eastern Poland. AFP
Helena, right, and her brother Bodia, left, from Lviv, wait at the Medyka border crossing in eastern Poland. AFP
A Ukrainian soldier walks past debris of a burning military truck, on a street in Kiev. AP
A Ukrainian soldier walks past debris of a burning military truck, on a street in Kiev. AP
People run for cover during the shelling on the city of Kiev. AP
People run for cover during the shelling on the city of Kiev. AP
A child refugee who fled the conflict in Ukraine covers her face in the event hall of a hotel offering shelter in Siret, Romania. AP
A child refugee who fled the conflict in Ukraine covers her face in the event hall of a hotel offering shelter in Siret, Romania. AP
Ukrainian President Volodymyr Zelenskyy holding a briefing in Kyiv. He said that Azerbaijan's President Ilham Aliyev and Turkey's Recep Tayyip Erdogan have suggested talks with Russia, which 'can only be welcomed'. AFP
Ukrainian President Volodymyr Zelenskyy holding a briefing in Kyiv. He said that Azerbaijan's President Ilham Aliyev and Turkey's Recep Tayyip Erdogan have suggested talks with Russia, which 'can only be welcomed'. AFP
Ukraine's ambassador to the US, Oksana Markarova, at a news conference in the embassy of Ukraine, Washington. AP
Ukraine's ambassador to the US, Oksana Markarova, at a news conference in the embassy of Ukraine, Washington. AP
Manchester City footballers wear t-shirts in support of Ukraine before a match. Reuters
Manchester City footballers wear t-shirts in support of Ukraine before a match. Reuters
Ukrainian refugees arrive in Warsaw by train from Kiev. EPA
Ukrainian refugees arrive in Warsaw by train from Kiev. EPA
A woman waves a Ukrainian flag during a rally in Times Square, New York City. AFP
A woman waves a Ukrainian flag during a rally in Times Square, New York City. AFP
A man sits next to his dogs in an underground car park turned into a bomb shelter during an air raid alert in Kiev. AP
A man sits next to his dogs in an underground car park turned into a bomb shelter during an air raid alert in Kiev. AP
A woman sleeps on chairs in a Kiev bomb shelter. AP
A woman sleeps on chairs in a Kiev bomb shelter. AP
A satellite image with overlaid graphics shows military vehicles alongside the Chernobyl Nuclear Power Plant. Reuters
A satellite image with overlaid graphics shows military vehicles alongside the Chernobyl Nuclear Power Plant. Reuters
A satellite image shows the effects of shelling in open fields along Soborna Street in the north-east suburbs of Kharkiv. Reuters
A satellite image shows the effects of shelling in open fields along Soborna Street in the north-east suburbs of Kharkiv. Reuters
A big fire at a petroleum storage depot after a Russian missile attack, in Vasylkiv, near Kiev. EPA
A big fire at a petroleum storage depot after a Russian missile attack, in Vasylkiv, near Kiev. EPA
Ukrainian servicemen take positions at a military airbase in the Kyiv region. Reuters
Ukrainian servicemen take positions at a military airbase in the Kyiv region. Reuters

“By blocking these entities, OFAC is terminating yet another route through which Russia has benefited from access to the US financial system,” the US Treasury said.

Moscow-based RDIF was created in 2011 by former Russian president Dmitry Medvedev and then-prime minister Vladimir Putin. It operates in a number of industries and makes equity co-investments, primarily in Russia, alongside international financial and strategic investors, that include other sovereign wealth funds.

One of the purposes behind RDIF’s creation was to develop relationships with international investors for direct investment in Russia. RDIF has partnered with companies such as China's e-commerce giant Alibaba, which has a venture in Russia, where e-commerce sales are projected to grow at an annual growth rate of 6.9 per cent between 2020 and 2024, according to Statista data.

It has also funded the development of Russia’s Sputnik V Covid-19 vaccine, which is produced by Moscow’s Gamaleya Centre.

Sanctions against RDIF demonstrate "that the US has picked the course to destroy constructive dialogue between countries”, the fund said.

“The restrictions imposed by the US authorities complicating RDIF efforts on the international promotion of the Russian vaccine products have been lobbied by a number of large western pharmaceutical companies.

“As a result of such unfair competition, billions of people around the world may be deprived of access to effective and safe Russian-made vaccines.”

Russia’s central bank also increased interest rates to their highest level in nearly two decades as the rouble plunged to a record low against the dollar in early trading on Monday.

Inflation will immediately surge and the Russian banking system is probably in trouble, senior market analyst at Oanda Jeffrey Halley said.

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