Russian fund rakes in $3.4 billion

The Russian Stabilisation Fund, which manages part of the foreign-currency proceeds from the country's oil exports, earned more than R85 billion ($3.4 billion) in the year to 1 July.

According to local media reports, the fund, which is managed by the Russian finance ministry and the Central Bank of Russia, has total assets of R3.141 trillion ($121.68 billion) as of 1 July 2007.

According to a government resolution, the stabilisation fund's are denominated in three currencies: 45% in dollars,

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