Russia is gearing up to invest a potential $25bn in foreign share stakes and corporate bonds starting next year, as outgoing President Vladimir Putin pushes ahead with plans to turn the country into a powerful sovereign wealth fund investor.

Dmitry Pankin, deputy finance minister and the man who oversees Russia’s $130bn (£66bn, €83bn) reserve fund and its $32bn national wealth fund, told the FT that proposals on how to invest the smaller fund globally should be put before parliament by the autumn. “Investment of the fund should begin within one year,” Mr Pankin said.