Rosneft Asks for $49 Billion From State Welfare Fund to Survive Sanctions | News | The Moscow Times:
"State-owned oil major Rosneft has requested more than 2 trillion rubles ($49 billion) from one of Russia's oil-revenue-funded, rainy-day reserves to help it weather Western sanctions, Finance Minster Anton Siluanov told news agency RIA Novosti on Wednesday.
The sum amounts to over half the cash stored in Russia's National Welfare Fund, a sovereign wealth fund that was created as a backstop to Russia's pension system and held 3.2 trillion rubles ($83.2 billion) as of Oct. 10.
Major Russian companies and banks have queued up for access to financial aid from the fund in recent months after Western sanctions on Moscow over Ukraine locked them out of overseas capital markets, leaving many with multi-billion-dollar debts to international lenders that they cannot roll over."
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