ANNOUNCED AS TEMPORARYNo
Bailout (capital injection or equity participation)
The total amount of the allocated state funds under Resolution No. 150-p of 4 February 2016 is 100 billion Russian Roubles (approximately 1.26 billion USD per the official USD/RUB exchange rate of the Central Bank of Russia of 4 February 2016).
The reasons for the allocation of these state funds are the financial difficulties Vneshekonombank (VEB) experienced after Western sanctions cut its access to international lending in 2014. Since VEB finances large-scale state projects, for example, Russia's Sochi Winter Olympics and other politically-driven projects, the Western sanctions led to VEB's struggle to repay its debts.
The GTA includes state guarantees and other financial incentives that are likely to affect the restructuring and performance of firms facing international competition, whether from imports, in export markets and from foreign subsidiaries.
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