MOSCOW, March 14. /TASS/. The Russian Federation Council, the upper house of the parliament, at an unscheduled meeting on Saturday approved the law on the purchase by the Government 52.3% of ordinary shares of Sberbank from the Bank of Russia. The document was developed by the government in connection with the planned acquisition of the shares for the treasury of the Russian Federation.

The law establishes that the acquisition of shares in Sberbank will be carried out as part of the placement of funds of the National Wealth Fund. The placement corresponds to the objectives of the Fund's management - to ensure safety of invested funds and a stable level of revenue from their placement. The expected dividend yield for 2019 will be more than 9%, which exceeds the cost of borrowing in the government bond market.

The sale of ordinary shares of Sberbank will be carried out on market conditions at the weighted average price of the shares for six full months. The acquisition of shares by the government represented by the Ministry of Finance will be carried out as part of the management of the National Wealth Fund. The Ministry of Finance will exercise the rights of a shareholder on acquired securities on behalf of the Russian Government.