Reuters informs Russian government has decided to provide 150 billion roubles ($2.2 billion) to recapitalise VEB, the state development bank, Russian Prime Minister Dmitry Medvedev told the bank's supervisory board meeting on Tuesday.
Reuters informs Russian government has decided to provide 150 billion roubles ($2.2 billion) to recapitalise VEB, the state development bank, Russian Prime Minister Dmitry Medvedev told the bank's supervisory board meeting on Tuesday.
“I would like to inform you that a decision has been made to increase VEB capital to 150 billion rubles. This money will provide financial stability in 2016, fulfilling its obligation to external borrowing in capital markets,” Medvedev said.
Russian PM added these funds "will allow to secure the bank's financial stability in 2016, to fulfill external borrowing obligations".
According to The Moscow Times, in a meeting with the bank's board, Medvedev announced that having lost access to international market assets because of sanctions, the bank had lost its ‘margin of safety’ and now ‘unorthodox measures’ are needed to support it.
