Predecessor: U.S. Russia Investment Fund (1995-2008) USRF is the legacy organization of the
U.S. Russia Investment Fund (TUSRIF), which was established by the United States government in 1995 pursuant to the Support for East European Democracy Act (SEED) of 1989. It was the result of the merger of two funds established in 1993-1994: the $340-million Russian American Enterprise Fund (RAEF) and the $100-million Fund for Large Enterprises (FLEER). Most of the money came from the
United States Agency for International Development (USAID). Its main goal was to promote investments in Russia. It specialized in "early venture, mid venture, and growth capital investments in middle market companies", with a focus on the "media, retail, consumer goods, financial services, information technology, and telecommunication sectors". TUSRIF and
Kohlberg Kravis Roberts & Company owned 51% of the
Imperial Porcelain Factory until 1999 when it was nationalized by the
Government of Russia. In 2000, it established DeltaBank, the first bank to sell
Visa credit cards in Russia. In October 2000, it became a majority shareholder of the
European Bank for Reconstruction and Development. Meanwhile, they acquired
JPMorgan Chase's banking license in 2000 and established DeltaCredit, the first bank to sell residential mortgages in Russia, in 2001. By 2005, TUSRIF had invested $300 million in 44 Russian companies, including the aforementioned DeltaBank and DeltaCredit as well as two television networks. However, DeltaCredit was acquired by the
Société Générale for $100 million that year. Three years later, in 2011, the disposal of $150 million from the fund was tabled by the
United States Agency for International Development (USAID) and the
United States Congress, on the recommendation from the Obama administration that half should go to the
United States Department of the Treasury and half to support American values in Russia. By 2012, the Obama administration asked Congress to allocate only $50 million to support human rights non-profit organizations in Russia.
U.S. Russia Foundation (since 2008) The establishment of the U.S Russia Foundation was announced by presidents
George W. Bush and
Vladimir Putin at the
32nd G8 summit in 2006. It was an outgrowth of
The U.S. Russia Investment Fund. It was registered in the United States in 2008 and in Russia in 2009. From 2009 to 2015, USRF operated a Moscow office. USRF supported numerous projects in Russia by being a co-funder together with Russian institutions. Beginning in 2013, USRF along with other Western organizations came under increasing attack by anti-western Russian organizations and media. By 2015, its CEO, Mark Pomar, was denied entry into Russia. Indeed, the Office of the
Prosecutor General of Russia, chaired by
Yury Chaika, suggested it posed "a threat to the foundations of the constitutional system of the Russian Federation and the state's security." The
United States Department of State (USDS) responded by saying, "We reject the contention that the Foundation's activities constitute a threat to Russia's security. On the contrary, this designation is another deliberate step to further isolate the Russian people from the rest of the world." After the closure of USRF headquarters in
Moscow, the Foundation relocated to
Washington, D.C. in 2015. ==References==