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Russia to add $4.7 billion to Reserve Fund in 2014

December 26, 2014, 16:54 UTC+3 MOSCOW
Of this amount, 100 billion rubles should be invested in securities, those resources, which we plan to use to recapitalize VTB Bank, Finance Minister Anton Siluanov says
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© Vladimir Smirnov/TASS

MOSCOW, December 26. /TASS/. Russia’s Finance Ministry will replenish the country’s Reserve Fund by 250 billion rubles ($4.7 billion) in 2014, of which 100 billion rubles ($1.9 billion) will be used to boost VTB Bank’s second-tier capital, Finance Minister Anton Siluanov said on Friday.

“We’ll channel some resources into the Reserve Fund, partly because our ministries and departments will underperform a part of their obligations,” Siluanov said.

“We plan to channel about 250 billion rubles into the Reserve Fund,” the finance minister said.

Of this amount, 100 billion rubles “should be invested in securities, those resources, which we plan to use to recapitalize VTB Bank,” he said.

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