National Wealth Fund
The National Wealth Fund of Russia is a sovereign reserve fund established in 2008 as part of the country's reserve asset system alongside the Reserve Fund. It is financed primarily by oil and gas revenues from the federal budget and is used to cover budget deficits and support the Russian economy. The fund is managed by the Russian Ministry of Finance, with the Central Bank of Russia handling the placement of its assets.
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Ukrainian defence tech startup UForce raises $700 million at $6 billion valuation
Ukrainian defence technology company UForce has raised $700 million in a Series A round, valuing it at $6 billion. The round was led by the UK’s National Wealth Fund and Valor Equity Partners, with participation from the US-Ukrainian URIF, existing investors and new technology investors. UForce plans to use the funding to expand manufacturing capacity, develop new technologies and scale unmanned systems.
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U.S. extends Lukoil sanctions exemptions for foreign gas stations until April 2027
The U.S. Department of the Treasury extended general licenses allowing certain activities with sanctioned Russian oil company Lukoil until April 24, 2027. The licenses permit Lukoil-branded gas stations outside Russia and named Bulgarian Lukoil entities to continue operating while the underlying sanctions remain in force. The decision came about a week after President Donald Trump announced a deal for Russian diesel supplies to U.S. and global markets, drawing bipartisan U.S. criticism and sharp pushback from EU foreign ministers.