Support The Moscow Times!

Finance Ministry May Use Rainy Day Funds to Prop Up Banks

Russia' Finance Ministry may take some money from its National Welfare Fund to put in banks' deposits in January, Deputy Finance Minister Alexei Moiseyev was quoted as saying by RIA news agency on Thursday.

The state is planning to use some of the NWF to support firms hit by sanctions over the Ukraine crisis and will channel funds via banks in the first stage. Energy company Novatek is among those that will benefit to help its Yamal LNG (liquefied natural gas) project.

Moiseyev said a decision on which banks would be chosen would be made by the end of this year.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just 2. It's quick to set up, and you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more