In April, President Vladimir Putin announced the Presidential Nanotechnology Initiative. At least RUB 28 billion ($1.1 billion) in government funding will be allocated for the initiative through 2010; some funds will go to the purchasing new laboratory equipment. According to the Russian government, RUB 150 billion ($5.8 billion) has already been invested in nanotechnology. Putin cited the excessive dependence of Russia’s economy on oil and gas as a motivation for the new program. Businesses are being encouraged to take part in the initiative. The program will also transform the Kurchatov nuclear institute, which has a synchrotron radiation source to be used for nanotechnology R&D, into Russia’s nanotechnology research hub.

Source: The St. Petersburg Times