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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.

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