Oil money is coming – and there is little the west can do about it

Barroso’s main worry is that Russia — which set up an official SWF last month — is planning to relaunch the cold war, only this time with oil and gas receipts rather than with the Red Army.

Some western governments are suspicious about the motives of sovereign funds that have been buying up assets in developed countries.

Washington, which has launched talks with funds in Abu Dhabi and Singapore, has concerns over Russia’s one-time rival communist superpower China, which has grown weary of stockpiling US Treasury bonds and has started to size up physical assets in the west.

Guardian