SOFAZ assets in Russia to reach $500m

Wed 21 November 2012 14:14 GMT | 19:14 Local Time

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The assets of the State Oil Fund of Azerbaijan in Russian economy may reach RUR 15,500,000,000 or $500m.

The statement came from trade representative of Russia in Azerbaijan Yuriy Shedrin.

He said today the assets of the State Oil Fund in Russia reach RUR 3bn or $1m.

SOFAZ earlier stated the planned investments in different financial institutions of the Russian banks, as well as the property of the European and South-Eastern Asia, in particular, in London, Paris, Rome, Moscow and Istanbul.

On 19 October 2012  the fund invested RUR3bn (about $100m) into the short-term deposit in Gazprombank. At that time, director for investments of the State Oil Fund Israfil Mammadov said that it is the first step in the long-term investment strategy in the assets in Russian rubles.



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