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.

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.