Support The Moscow Times!

Rosselkhozbank to Get $1.8Bln

The state-owned bank provides lending support to Russian agribusiness and is regulated by the Bank of Russia.

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.

Read more

Independent journalism isn’t dead. You can help keep it alive.

The Moscow Times’ team of journalists has been first with the big stories on the coronavirus crisis in Russia since day one. Our exclusives and on-the-ground reporting are being read and shared by many high-profile journalists.

We wouldn’t be able to produce this crucial journalism without the support of our loyal readers. Please consider making a donation to The Moscow Times to help us continue covering this historic time in the world’s largest country.