Russia’s $10bn state-backed fund has tapped Chinese and Middle Eastern sovereign wealth fund money in a bid to show it can attract foreign capital into the country even if US and European investors turn away following the annexation of Crimea.

Russia Direct Investment Fund, which was set up by President Vladimir Putin three years ago and which counts Blackstone chief executive Stephen Schwarzman, Apollo’s co-founder Leon Black and Apax’s boss Martin Halusa on its international advisory board, is leading the purchase of a $200m stake in Sodrugestvo, a large oilseed processor and trader, alongside sovereign wealth funds including China Investment Corp.

Kirill Dmitriev, who runs the RDIF, said that the fund, which includes former IMF boss Dominique Strauss-Kahn on its supervisory board, relies on China and the Middle East for about 90 per cent of the foreign capital committed to its platform.