Tuesday, December 30, 2014

VTB: Russia’s second-largest bank helps with billions – Spiegel Online

VTB: Russia's second-largest bank helps with billions – Spiegel Online

Moscow – The state-controlled VTB Bank has received billions in public aid by its own account. You were asked 100 billion rubles available, the bank said. This corresponds to around 1.4 billion euros.

The Bank expects by the end of March with the transfer of another 150 billion rubles. The money thus comes from a national relief fund, to which over the years received a part of Russia’s oil revenues. The funds should be used to finance public infrastructure projects, said the VTB.

The VTB is the second largest bank in the country and an important source of credit for major public projects in Russia. She suffers from the sanctions, the EU and the US have in the summer issued in connection with Ukraine crisis against a total of five Russian Institute. Recently winning the VTB slumped by 98 percent.

The sanctions make it difficult for banks to obtain new money to the Western financial markets. In October, VTB and Sberbank, the market leader and Vnesheconombank said they have not lodged a complaint against the EU sanctions before the European Court of Justice.

The Russian banking sector is in addition to the sanctions and the massive devaluation of the ruble to create. On Monday, Prime Minister Dmitry Medvedev that he had approved a capital injection of one trillion rubles for the industry.

Just last week, the United Bank Trust had been saved from bankruptcy; Russia’s central bank set for up to 30 billion euros. Economy Minister Anton Siluanow also shared with the state-controlled Gazprombank will receive 70 billion rubles within a few days.

The Russian government has, however, the United States warned of an increase in penalties. Further steps could jeopardize cooperation on other issues such as Iran’s nuclear program and the crisis in Syria, said the Russian Foreign Ministry. The United States should have been clear that Russia such unfriendly acts could not leave without an answer.

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