Russia to supply banks with up to $6.54bn to fight off crisis — RT Business

Russia to supply banks with up to $6.54bn to fight off crisis — RT Business:



"Banks in Russia will get a government boost to finance debt and projects as the country risks recession. On Friday, the State Duma passed the last two readings of a law to allocate up to 10 percent, or $6.54 billion, from a sovereign wealth fund.



The law is essentially a bank bailout from the Ministry of Finance.



Once the bill is signed into law, Russia’s largest state-owned banks, Sberbank, VTB, VTB 24, Gazprombank, the Russian Agriculture Bank, and Bank of Moscow, as well as private banks such as Alfa-Bank, UniCredit Bank, and Rosbank (Societe General) will be eligible for loans, but no final list has been drawn up."



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