Russia seeks to allow National Wealth Fund to invest in precious metals

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MOSCOW, Nov 13 (Reuters) – Russia’s finance ministry has proposed allowing part of its National Wealth Fund (NWF) to be invested in precious metals, according to draft legislation published on Friday.

Finance Minister Anton Siluanov has previously said he favoured this plan, saying last year that he saw gold as more sustainable in the long-term than financial market assets.

The legislation proposes an amendment to an article in Russia’s budget code on how the fund is managed which would add precious metals to the list of financial assets that it can invest in. These includes foreign currency and debt in other countries and international financial organisations.

The National Wealth Fund, which is designed to help balance the pension system and stores part of Russia’s revenues from oil exports, was worth $167.6 billion as of Nov. 1, based on finance ministry data. (Reporting by Darya Korsunskaya; Writing by Alexander Marrow. Editing by Jane Merriman)