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1 Trillion Aid Split Between Top 10 Banks
26.01.2015 13:38
1 Trillion Aid Split Between Top 10 Banks
Photo Credit: http://www.business.ua

The national Deposit Insurance Agency has decided on how to spend most of the one trillion roubles in financial aid pledged by the government.

      According to Vedomosti, 830 billion roubles will be divvied up between the Top 10 lenders. The list includes VTB Group (310 billion), Otkritie (55.1 billion), VEB (20.4 billion), Rosselkhozbank, Gazprombank, Alfa Bank, and Rossia Bank (13.6 billion).

      The program has been launched to bolster the country’s banking sector amid the falling rouble, oil prices and restrictions on capital access imposed by the West over Russia’s alleged role in the Ukraine crisis.

      The Russian national currency took a severe hit after oil prices plunged from around $105 to below $50.

      Russia has sparked a wave of criticism after it incorporated Crimea into its territory following a referendum on the peninsula with a large ethnic Russian population.

      The US and the EU imposed a raft of sanctions on Russian officials and individuals with close ties to the Kremlin.

      The US also put space and military cooperation on hold, followed by some of its NATO allies, including the UK.

      Trade between the EU and Russia fell sharply in 1Q 2014, echoing a sour political relationship between Moscow and Brussels split over the Ukraine crisis.

      According to Eurostat, EU imports from Russia dropped more than 9 percent in the first quarter of this year totaling €49.1 billion in March, versus €54.4 billion in the first quarter of 2013.

      As Euractiv.com points out, in 2013 the EU only had 27 members, which means the slide is in fact “even more significant”.

      EU exports to Moscow saw a 10.5 percent decrease, shrinking from €28.7 billion to €25.6 billion.

       




Author: Mikhail Vesely

Tags: Russian banks     

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