George Soros to cut financing for Russia

Financier and philanthropist George Soros is cutting financing to Russia, he said at a press conference in Moscow on June 9. He said that beginning next year he will allocate only USD 10 million for his fund's work in Russia.

'The fund must not be supported by me alone, but also by the government,' said Soros. Moreover, he said that it was necessary to attract businesspeople and banks to financing.

Soros also said that if his fund did not find additional financing 'it's plans would not be realized in life.' Soros opened his fund in Russia in 1987. At the present time the fund has 20 branches in the Russian regions. Soros has invested USD 1 billion since the fund's inception.