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Russian Economic Development Ministry to prepare proposals for privatization of Sberbank

At the same time, according to Ulyukayev, it is necessary to accept changes to the legislation in order to sell Sberbank

Economic Development Minister Alexey Ulyukayev Mikhail Metzel/TASS

Economic Development Minister Alexey Ulyukayev

© Mikhail Metzel/TASS

BEIJING, January 17. /TASS/. The Russian Ministry of Economic Development will prepare proposals on the privatization of Sberbank and VTB, Economic Development Minister Alexey Ulyukayev told journalists Sunday.

"Yea, we will make proposals," he said, answering the question of whether the Ministry will propose privatization.

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At the same time, according to Ulyukayev, it is necessary to accept changes to the legislation in order to sell Sberbank.

Earlier Ulyukayev said that Russians began to consume less and save more money. Therefore, an advanced banking system is needed, which would be able to "recycle" that amount of savings. In order to do that it is necessary to increase the capitalization of banks, which is possible through the privatization of Sberbank and VTB.

According to Deputy Finance Minister Alexey Moiseev, these credit institutions should be also privatized to create a competitive environment. The Head of Sberbank German Gref said he had a positive attitude towards the idea of ··selling Sberbank shares, but so far the issue was not discussed with the government.

Earlier Ulyukayev said that anti-Russia sanctions are not the key obstacle for privatization of Russian lenders VTB and Sberbank.

"Of course, sanctions drag (privatization) but it’s technically possible even under sanctions regime to carry out privatization transactions," he said, adding that Russia has "hundred opportunities" for privatization and has domestic demand for those assets. "However, we should first take a conceptual decision, we have legislative limitations and other limitations, which should be worked out, while the execution of a deal is not a problem," Ulyukayev said.

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