Russia's National Welfare Fund May Be Used to Support Banks | News | The Moscow Times:
"Money from the National Welfare Fund might be used to give subordinated loans to Russian banks, which in turn could increase loans to sanctioned Russian firms, news agency RIA Novosti quoted Economic Development Minister Alexei Ulyukayev as saying Saturday.
The National Welfare Fund "could serve as the basis for funding the operations of commercial banks," Ulyukayev said. Banks working with the 3 trillion ruble ($80 billion) fund might in turn assist Russian firms such as sanctioned oil major Rosneft, Ulyukayev said.
In October, Finance Minister Anton Siluanov rebuffed Rosneft's request for $49 billion from the fund to help it weather Western sanctions, although he added that Rosneft may still receive some support."
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