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Russia doubles deposit insurance coverage to $24,500

December 30, 2014, 11:33 UTC+3 MOSCOW

The law is part of the government’s measures to stabilize Russian financial system

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© ITAR-TASS/Marina Lystseva

MOSCOW, December 30. /TASS/. Russia has doubled bank deposit insurance to 1.4 million rubles ($24,500) as part of the government’s measures to stabilize the domestic financial system and stem a run on ruble deposits amid the national currency’s depreciation.

The law on doubling the deposit insurance also authorizes the Deposit Insurance Agency, which is a state operator for deposit compensation payouts, to recapitalize domestic banks by 1 trillion rubles (about $17.6 billion) by investing in banks’ preferred shares and subordinated debt.

The government has worked out recapitalization measures after the ruble’s slump on the Moscow Exchange two weeks ago.

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