Alexei Kudrin said the fund, established in 2004 to accumulate windfall profits from oil prices above a cutoff of $27 per barrel and hold back inflation by neutralizing an influx of petrodollars, had accumulated 1 trillion 929 billion rubles.
Kudrin said that the procedure for investing the fund's resources had been confirmed.
During the first stage, resources will be placed on deposit at Russia's Central Bank - 45% in dollars, 45% in euros and 10% in pounds sterling.
"This takes into account ongoing processes on world foreign exchange markets," he said.
In the second stage, resources will be used to buy foreign securities.
Further down the line, some of the money will be invested in corporate bonds with high credit ratings, Kudrin said.
The Stabilization Fund is seen as a tool to ensure macroeconomic stability, create conditions for the launch of structural reforms, reduce economic dependence on foreign markets, and diversify Russia's economy.
Deputy Prime Minister Alexander Zhukov said Monday that the fund would grow to about 2 trillion rubles ($74 bln) by the end of 2006, and that the government might invest about 10% of the fund's money in securities of private companies, with other investments going into state securities.
Deputy Finance Minister Sergei Storchak said Monday the Finance Ministry planned to begin investing resources from the Stabilization Fund in foreign financial securities in the next few weeks.
