The Crystal Fund

We are creating a Russian economic miracle —
turning good companies into great ones, and Russia into a prosperous nation

The ideology of the Crystal Fund

We put into practice the ideas of the bestseller «The Crystal of Growth. Toward the Russian Economic Miracle», which has de facto become the new doctrine of Russia’s economic development.

Russia — its regions, industries, and companies — can achieve double-digit growth. Our own history has already proven this.

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Our key focus —
Сapitalization of Wealth

The key growth driver today is capitalization, which transforms the potential energy of the economy into kinetic energy.

We systematically identify, formalize, and unlock new sources of capitalization growth — the productive forces of regions and industries, the leadership strategies of entrepreneurs and executives, as well as forgotten or undervalued assets, and untapped infrastructural and institutional opportunities.

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01

Formation of state policy for managing
the capitalisation of the national economy

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02

Capitalisation of strategic
high-tech sectors of the economy

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03

Capitalisation regions

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04

Capitalisation of state
and municipal companies

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05

Capitalisation of fast-growing
Russian companies

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06

Capitalisation of state projects

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Developing globally competitive stock market regulation
that takes national interests into account

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08

Increasing the attractiveness
of the Russian stock market

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09

Promoting the use of stock market mechanisms
by the population and businesses

Our Business Model —
Value Partnership

We operate within a partnership framework where the key criterion is the growth of value for all participants.
The Crystal Fund brings together over 100+ entrepreneurs, investors, experts, strategists, public and governmental institutions.

We invest intellectual capital — ideas, models, architectures, and connections — and receive an option for a share of the value created.
This type of partnership is sustainable, transparent, and scalable.

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Key Areas of the Value Partnership

01
Development of investment projects
Preparation, investment attraction, and launch of major systemic projects aimed at capitalizing territories, industries, and companies
02
Implementation of strategic solutions for capitalization growth
Creation of product strategies, entry into new markets, technological development, and M&A initiatives aimed at increasing asset value
03
Strategic business management, B2G and B2B communications
Implementation of management models and practices for business scaling, efficiency improvement, cost reduction, and accelerated growth
04
Launch for Pre-IPO and IPO
Organizing companies’ entry into the capital market through the stock exchange and creating conditions for sustainable, long-term value growth
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Founders

Alexander Galushka

Alexander Galushka

President of the Crystal Fund
  • Minister of the Russian Federation for the Development of the Far East (2013–2018)
  • Vladimir Putin's confidant during the 2024 election campaign
  • Deputy Secretary of the Civic Chamber of the Russian Federation
  • Chairman of the Personnel and Remuneration Committee of PJSC United Aircraft Corporation

Membership in coordination councils:

  • Deputy Chairman of the Scientific and Expert Council of the Security Council of the Russian Federation (Presidential Decree of the Russian Federation No. 1119 dated 27 December 2024)
  • Member of the Coordination Committee of the Presidential Fund for Cultural Initiatives (Presidential Decree of the Russian Federation No. 287 dated 17 May 2021)
  • Member of the Interdepartmental Commission on Historical Education (Presidential Decree of the Russian Federation No. 1120 dated 27 December 2024)
  • Member of the State Commission for Arctic Development (Order of the Government of the Russian Federation No. 1941-r dated 20 July 2024)
  • Member of the Commissions of the State Council of the Russian Federation in the following areas:
    «Efficient and Competitive Economy», «Investments», «Economics and Finance», «Infrastructure for Life»
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Alexander Krutikov

Alexander Krutikov

Managing partner
  • First Deputy Minister, Deputy Minister of the Russian Federation for the Development of the Far East and Arctic (2016–2021)
  • Member of the Scientific and Expert Council of the Security Council of the Russian Federation

Fund’s Portfolio Companies

Osnova logo

Investment Project
for the Construction
of the «Sensation» Residential
Complex in Chita

Value Partner
Ссылка
Eastern Exchange logo

A new stock and commodity
exchange in Vladivostok.
Participant in the National
IPO Factory project

Value Partner
National Project Institute logo

The company is implementing
an innovative business model
in the field of industrial
and civil design —
the National Design Factory.

The team consists of 50+
professionals with experience
in delivering 250+ projects.

Founder of the Company
HIVE MIND AI logo

A Russian developer of breakthrough digital platforms for production and logistics planning, aimed at driving a radical increase in the performance of individual enterprises and the economy as a whole.

The solutions are based on mathematical models by the prominent Russian economist Leonid Kantorovich, Nobel Prize laureate in Economics «For his contribution to the theory of optimal resource allocation».

Value Partner
artificial intelligence — «AI-Gosplan 2.0»

Fund’s Projects: «AI-Gosplan 2.0»

Проекты Кристалл Роста Planning

A multi-ontology, multi-agent state planning system powered by artificial intelligence — «AI-Gosplan 2.0»

System functionality:

  • Scenario-based forecasting and modeling
  • Optimization of government resource allocation
  • Synchronization of strategies and plans with national development goals
  • Real-time adjustment of strategies and plans
  • Intelligent support for government decision-making

Ontologies within AI-Gosplan 2.0:

  • Inter-industry balance (model of Nobel laureate Wassily Leontief)
  • Optimal resource allocation (model of Nobel laureate Leonid Kantorovich)
  • Global markets (model of David Ricardo)
  • Technological change (model of Joseph Schumpeter)
  • Spatial ontology (Earth remote sensing data from Roscosmos)
Fund’s Projects: «AI-Kantorovich»

Fund’s Projects: «AI-Kantorovich»

Проекты Кристалл Роста Planning

«AI-Kantorovich» - AI-powered integrated planning platform

The platform helps enterprises with large-scale production cycles and complex logistics synchronize their production, logistics, and financial processes.

The system is based on the advanced Russian mathematical school and the works of Nobel Prize laureate Leonid Kantorovich. The platform functions as an «economic brain», analyzing hundreds of thousands of parameters — from raw-material inventories and available resources to projected profit. Using AI, it builds an optimal operational model for the enterprise, enabling it to produce the required volume of output with minimal costs, maximum profit, and precise timing.

The practical results of implementing Hive Mind AI have been proven:

  • up to 50% reduction in production costs;
  • up to 75% reduction in planning labor intensity;
  • up to 98% increase in plan accuracy and executability.
Fund’s Projects: Public Procurement 2.0

Fund’s Projects: Public Procurement 2.0

Проекты Кристалл Роста Planning

Public Procurement 2.0 based on offset contracts

Over 690 billion rubles per year — this is the volume of industrial goods imported using regional budget funds.More than 40% of these imports come from unfriendly countries.

The Crystal Fund has developed a digital system for assessing the offset potential of Russian regions. Through offset contracts, it is possible to attract over 1.5 trillion rubles in capital investment into the economy. The Crystal Fund is developing offset projects in the Republic of Sakha (Yakutia), the Murmansk and Novosibirsk regions, and the Krasnoyarsk, Krasnodar, and Stavropol territories.

Fund’s Projects: A new doctrine for the development of the construction industry

Fund’s Projects: A new doctrine

Проекты Кристалл Роста Planning

A new doctrine for the development of the construction industry together with the Ministry of Construction of Russia and Glavgosexpertiza of Russia

Its goal is to reduce the investment and construction cycle by 30–45%.

The reform is based on Russia’s best domestic experience and leading global practices adapted to modern technologies.

Key proposals for modernizing the construction industry of the Russian Federation:

  • Transition from prescriptive regulation to a parametric, risk- oriented regulatory model
  • Mandatory liability insurance for all construction participants
  • Establishing the EPC “turnkey» contract as the baseline construction contracting model
  • Open-book pricing for construction projects
  • Awarding government contracts only to contractors included in the national rating system
  • Introduction of a formula-based price for government contracts with automatic time-based adjustments
  • Development of design-engineering institutions, modular and unmanned construction, and the integration of AI technologies

The proposals for modernizing the construction industry have been submitted to the Chairman of the Government of the Russian Federation.
A draft law on a federal-level pilot experiment has been prepared. The selection of pilot regions is currently underway.

Fund’s Projects: Arctic and the Trans-Arctic Transport Corridor

Fund’s Projects: Arctic

Проекты Кристалл Роста Planning

A comprehensive project for the development of the Arctic and the Trans-Arctic Transport Corridor (TTC)

A comprehensive project for the development of the Arctic and the Trans-Arctic Transport Corridor (TTC) together with the Maritime Board of the Russian Federation, VEB.RF, and the Rosatom State Corporation

The goal of the project is to capitalize the wealth of the Arctic and attract capital through stock markets to develop the TTC as a year-round, safe, and economically efficient international route that meets global standards.

The project will incorporate Russia’s best historical experience from the Glavsevmorput era (1932–1965), as well as leading global practices from major infrastructure initiatives such as the Suez Canal, the Eurotunnel, and the ports of Alaska.

14,000 km is the length of the TTC — 10,000 km shorter than the Suez Canal route, which is 24,000 km.

Up to 130 million tons of cargo (10–15%) could be redirected from the Suez Canal to the TTC, according to estimates by the Chinese Academy of Sciences.

Fund’s Projects: Primorye-1 and Primorye-2

Fund’s Projects: Primorye-1 and Primorye-2

Проекты Кристалл Роста Planning

A project for the development of the international transport corridors Primorye-1 and Primorye-2

A project for the development of the international transport corridors Primorye-1 and Primorye-2, which connect the northeastern provinces of China with the ports of Primorye together with the Ministry for the Development of the Russian Far East and the Government of Primorsky Krai

The goal of the project is to attract cargo flows and investment from China to enable large-scale development of the transport and logistics infrastructure of Primorsky Krai.
Advantages of the corridors:

  • 40% faster and cheaper to transit cargo from northern to southern China through Russian territory compared to domestic Chinese routes
  • 70 million tons — the potential Chinese cargo base (a 65% increase since 2017);
  • $1.2 billion per year in savings for Chinese shippers.

At the junction of these transport corridors, Russia’s first International Advanced Development Territory (IADT) is being created — a zone with a special legal, financial, and tax regime that will unlock new opportunities for investment, trade, and technological exchange.

The project has received political support from the leaders of Russia and China.
On the Russian side, the project’s investors will include the country’s largest logistics companies — FESCO and the Center for Port Infrastructure Development.

Fund’s Projects: Regional capitalization strategy

Fund’s Projects: Regional capitalization strategy

Проекты Кристалл Роста Planning

Russia’s first regional capitalization strategy together with the Government of the Republic of Sakha (Yakutia)

The goal of the project is to create a new investment framework in the region by capitalizing its natural wealth, state-owned and fast-growing companies, and major infrastructure projects.

The project will serve as a federal-level pilot model for implementing the regional capitalization option mechanism, which provides the region with an equity option in companies in exchange for targeted state support.

Fund’s Projects: Strong and Super-Strong AI

Fund’s Projects: AI

Проекты Кристалл Роста Technology

A new Russian doctrine for the development of Strong and Super-Strong Artificial Intelligence (AI)

A new Russian doctrine for the development of Strong and Super-Strong Artificial Intelligence (AI) together with the Office of the Security Council

The current AI Development Strategy has become fundamentally outdated. Russia faces a doctrinal dilemma: to chase the leaders of weak AI or to leap ahead without chasing — by prioritizing the development of Strong and Super-Strong AI, leveraging the country’s existing advances in photonics.

Goals of the Doctrine:

  • Invincibility on the battlefield
  • Technological sovereignty
  • Cognitive sovereignty
  • Corporate sovereignty

Objectives of the Doctrine:

  • Develop a model of Strong AI and a full suite of hardware solutions to support it
  • Modernize the human capital development system in light of the rapid, system-wide diffusion of AI
  • Create a nationwide network of next-generation AI factories
  • Integrate Strong AI into key areas of government activity
Fund’s Projects: Strategic metals cluster

Fund’s Projects: Strategic metals cluster

Проекты Кристалл Роста Technology

A project for a strategic metals cluster in the Angara–Yenisei macroregion

A project for a strategic metals cluster in the Angara–Yenisei macroregion acting on the instructions of the Office of the Security Council of the Russian Federation

The project is aimed at creating a global industrial hub in Siberia and a new center of technological growth for Russia.

The project has been endorsed by the President of the Russian Federation.

The Government of the Russian Federation has decided to begin financing the cluster starting in 2026.

Fund’s Projects: Coal

Fund’s Projects: Coal

Проекты Кристалл Роста Technology

Technological and structural development of Russia’s energy sector as the foundation of a new economic model together with the Ministry of Energy

Project №1. Coal as the foundation for the development of artificial intelligence

The Crystal Fund is developing a strategy to transform coal-producing regions into centers of digital infrastructure.

Instead of exporting raw materials, the proposal is to use energy at the site of extraction — to power data centers and AI systems, eliminating logistics costs.

Implementing this strategy will make it possible to create next-generation infrastructure clusters and secure Russia’s leadership not only in the energy sector, but also in the digital economy.

Project №2. Small Block-Modular Coal Power Generation

The Crystal Fund has developed a project for block-modular coal-fired power plants with a capacity of 5–50 MW, designed for small settlements and remote investment sites.
Advantages:

  • 2× lower cost compared to diesel power stations;
  • 30-year service life and high mobility;
  • 80% production localization in Russia;
  • 99.9% air purification from soot and 90% processing of ash and slag waste.

A pilot project is being implemented in the Chukotka Autonomous Okrug.

Fund’s Projects: The National Project Institute

Fund’s Projects: The National Project Institute

Проекты Кристалл Роста Technology

The National Project Institute — the foundation for the technological modernization of Russia’s construction industry..

The launch was announced at the construction session of the 10th Eastern Economic Forum in 2025 with the participation of the Ministry of Construction of Russia and Glavgosexpertiza.

The Institute’s goal is to overcome the accumulated systemic constraints in design and bring the construction sector to a new technological level, drawing on Russia’s best domestic experience from 1929–1955 and leading global practices.

Key tasks of the Institute:

  • Establishing a National Project Factory — a unified digital system enabling conveyor-style design and the integration of advanced technologies into construction
  • Creating a national library of standard design solutions, accessible to federal, regional, and corporate clients
  • Large-scale adoption of BIM technologies and digital twins at all stages of design
  • Implementing artificial intelligence, robotics, and automation in construction
  • Integrating design processes with national construction policy, strategic planning, investment programs, and regional master plans.
Fund’s Projects: The Eastern Financial Center

Fund’s Projects: The Eastern Financial Center

Проекты Кристалл Роста Money

The Eastern Financial Center project as part of a special administrative district on Russky Island (Vladivostok)

The Eastern Financial Center project as part of a special administrative district on Russky Island (Vladivostok) together with the Ministry for the Development of the Russian Far East and the Government of Primorsky Krai

The Ministry of Finance of Russia has prepared a draft roadmap for the development of the project.
Roadmap for the Development of the Eastern Financial Center:

  • Establishing a special legal regime for the Eastern Financial Center on Russky Island (Vladivostok).
  • Ensuring direct access for foreign investors from friendly countries to the Eastern Exchange, creating proprietary clearing and settlement systems that support national and digital currencies.
  • Developing the circulation of digital financial assets (DFAs), introducing tokenized instruments, SPACs, and ETFs, and creating a legal framework for DeFi.
  • Simplifying market access for issuers from friendly countries, with recognition of international ratings and reporting standards.
  • Easing access for Russian issuers that are residents of preferential regimesin the Arctic and the Far East.
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Fund’s Projects: Real estate

icon Money

How to capitalise on real estate in key economic sectors

The Crystal Fund proposes introducing a new collective real estate investment mechanism in Russia—specialised Real Estate Investment Trusts (REITs), which are successfully operating on the stock markets of 40 countries worldwide..

The REIT model is highly popular among investors: the funds purchase real estate using capital raised from the stock market, lease it out, and distribute 90% of the profits as dividends.

The global capitalization of REITs exceeds $3 tn.

Countries use them to finance the construction of roads, ports, warehouses, telecommunications infrastructure and the development of forest plantations.

Organizations the Fund cooperates with

Administration
of the President
of the Russian Federation

Office of the
Security Council
of the Russian Federation

Government of the
Russian Federation

Ministry of
Economic Development
of the Russian Federation

Ministry of Finance
of the Russian Federation

Federal Tax Service
of the Russian Federation
(FTS Russia)

Ministry of Construction,
Housing and Utilities
of the Russian Federation

Ministry of Energy
of the Russian Federation

Ministry of
Industry and Trade
of the Russian Federation

Ministry of Transport
of the Russian Federation

Ministry of Agriculture
of the Russian Federation

Ministry of
Natural Resources
and Environment
of the Russian Federation

Ministry for
the Development of
the Russian Far East
and the Arctic

Roscongress
Foundation

VEB.RF
(State Development Corporation “VEB.RF”)

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Crystal of Growth: the main forum on Russia's sovereign development

The forum «Crystal of Growth. Towards the Russian Economic Miracle» was held in December 2024 at the Civic Chamber of Russia.

A message to the participants was delivered by Anton Vaino, Chief of Staff of the Presidential Executive Office of the Russian Federation.

The forum was attended by members of the Russian Government, regional governors, representatives of major businesses, public figures and economists.

Read more

Key forum topics:

  • Capitalisation of Russia's national wealth
  • Technological sovereignty
  • Financial sovereignty
  • Advanced development of infrastructure and capital investment
  • Development of the creative economy in Russia
1 000+
Guests on site
150 000+
iews on the broadcast
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The forum has become an annual platform for breakthrough solutions.
“Crystal of Growth: Toward the Russian Economic Miracle” will be held in December 2025.

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The Crystal of Growth channel covers topics on economic growth, geoeconomics, economic warfare, and sanctions. It is trusted by more than 68,000 subscribers.

Channel Topics:

  • Economic Trends: How sanctions, tariffs, and economic wars reshape global markets.
  • Forecasts and Strategies: Who is winning in the new economic reality.
  • Fund Cases: How we turn challenges into opportunities for the country and business.
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