The National Wealth Fund (NWF) was created after Russia’s Stabilization Fund was split into two in 2008: the Reserve Fund (RF), which was invested abroad in low-yield securities and no longer exists, and NWF, which invests in riskier, higher return vehicles, as well as federal budget expenditures. When the RF exhausted and the Government decided to keep only NWF, the stabilization target was added to its policy. Today, NWF holds significant stakes in the country’s largest financial institutions and development bank.