---

Revision with unchanged content. In the last 30 years a variety Natural Resource Funds (NRFs) were created in different countries to help manage their natural resource wealth. However the effectiveness the NRFs is mixed. This research argues that in order to operate successfully a Natural Resource Fund (NRF), no matter what its goals are, must be transparent, accountable and open for public scrutiny. Otherwise, a NRF could be useless or even harmful. Despite record crude oil export prices, the Russian Stabilization Fund has had little success. What kind of mistakes were made in designing the Russian Stabilization Fund? How much money Russia lost because of these mistakes? What barriers blocked a chance to fix these mistakes early on? What policy changes should be done by the government of Russia in order to increase the effectiveness of the Fund s activities? A study of other national funds identifies revisions which are required if the Russian Fund is to accomplish its legislative purposes. The book is addressed to a broad range of professionals in Energy Policy around the world. It is also directed towards researchers in Environmental and Resource Economics, Global Political Economy, and Political Economy of Oil.

---

Studies of economic cybernetics at Novosibirsk State University (Russia), international economics at Moscow State Institute of International Relations, and Public Policy at Duquesne University (Pittsburgh, USA).Director of the New Eurasia Foundation Russian Far East Affiliate Office, Vladivostok.

---