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30 Jun, 2008 18:55

Government eyes investment opportunities in the U.S.

Vladimir Putin says he wants to develop Russia’s Sovereign Wealth Fund by investing oil revenues abroad. At a meeting in Moscow with U.S. Treasury Secretary, Henry Paulson, he discussed bilateral trade, investment opportunities and how Russia can help sol

Paulson said the United States welcomed both the attention of sovereign wealth funds and private Russian investment in U.S. economy.

“We don’t have a Sovereign Wealth Fund yet. You mixed us up with somebody else. But we are prepared to establish it, especially if you will ask us to,” the Russian PM said.

Russia enjoys high oil revenues – with crude hitting new highs every week. In a world short of liquidity, the emerging markets have become a source of investment.

Russia's investment in the U.S. economy has risen to eight billion dollars and additional government funds would increse that amount significantly.

So far, Russia has invested its oil revenues cautiously, mostly in government bonds. Even if Russia invests more broadly, Putin promised to use the oil funds carefully and transparently.