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AFP - Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.

Investments in the bonds of struggling US home-loan financers Fannie Mae and Freddie Mac have earned Russia more than a billion dollars in the past six months, press reports said Tuesday.

"The bonds in which we have invested have not incurred losses but instead have made us more than a billion dollars in the last six months," Russian Finance Minister Alexei Kudrin was quoted as saying by Ria Novosti news agency.

The report gave no further details nor an explanation of how the investment had been able to produce a return worth some 670 million euros at a time when Fannie Mae and Freddie Mac shares have tumbled on concerns they will have to be bailed out by the US government as a result of the US subprime home-loan collapse.

Subprime home loans, often offered at initially low rates of interest which later rose sharply, began to go sour in the middle of last year, leading to billions of dollars of losses for banks and other investment groups which had bought them.