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Russia may raise VEB capital to protect bank against sanctions — official

July 22, 2014, 13:50 UTC+3 SAMARA
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SAMARA, July 22. /ITAR-TASS/. The Russian government is considering raising the capital of the state development bank Vnesheconombank (VEB) to protect it against the sanctions over the Ukrainian conflict introduced earlier by the US, presidential aide Andrei Belousov said late on Monday.

“It will be either additional capitalization, or some other option, we are working on that,” Belousov said. “The VEB will not be left without help, and all liabilities to clients, to borrowers, will be fulfilled for sure.”

The authorities also consider ordering the Central Bank to sell foreign currencies on market conditions to the banks which were blacklisted by the US or Europe, or to lend them rubles so that blacklisted banks could change rubles to foreign currencies on the domestic market, Belousov said.

The government earlier decided to raise the VEB capital by 200 billion rubles under any scenario, he said.

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