Pyotr Kazakevitch, the 34- year-old head of the Russian Finance Ministry's $127.5bn stabilisation fund, is puzzled by the fears in the west about the threat posed by sovereign wealth funds.

"The sovereign wealth funds of the Arab world and Singapore have been buying equities in Europe and America for decades and there was no discussion at all," Mr Kazakevitch told the Financial Times. "I find it really strange that when Russia only starts discussing such a possibility we hear a lot of concerned speeches ... I don't understand why we hear a lot of voices that demonise our activity."