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Russian government to recapitalize VEB amid sanctions — Medvedev

September 25, 2014, 15:58 UTC+3
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MOSCOW, September 25. /ITAR-TASS/. The Russian government has made a decision to add up to 240 billion rubles ($6.2 billion) to the capital of the National Development Bank Vnesheconombank (VEB), Prime Minister Dmitry Medvedev said on Thursday.

“The Russian government has decided to support the bank so that it can keep the scope of its participation in the development of the national economy and recapitalize it with federal budget funds,” the premier said at a meeting of VEB’s supervisory board.

Also, a decision was made “to ensure the provision of the required volume of funding and liquidity worth a total of up to 240 billion rubles from the Finance Ministry and the Central Bank,” Medvedev said.

Vnesheconombank has been among several major Russian state-owned banks hit by the US and EU sectoral sanctions over Moscow’s stance on developments in neighboring Ukraine.

The sanctions ban Russia’s major state-run banking institutions from raising medium -and long-term financing on western markets.

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