President Vladimir Putin has ordered that 60 billion rubles ($1.8 billion) be appropriated for state-owned Rosselkhozbank, the fifth largest lender in the country, to increase its share capital and remove bad assets from its balance sheet.
In the last five years, more than 106 billion rubles were given to the bank by the state, but its managers said an additional 60 billion rubles were needed for capitalization support, although earlier this month they said 40 billion rubles would be enough, as they expected a to be reorganized into a development institution, Vedomosti reported Friday.
Last fall, officials discussed the possibility of transferring Rosselkhozbank's bad assets to Vneshekonombank, in a move that what would cost 140 billion rubles.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
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 every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.
