ANNOUNCEMENT 22 Jun 2019
On 22 June 2019, the Russian Government made it easier for the national development bank VEB to raise funds from state corporations.
NUMBER OF INTERVENTIONS
Government of the Russian Federation. Decree N803 dated 22.06.2019 О внесении изменений в постановление Правительства Российской Федерации от 21 декабря 2011 г. № 1080 (On Amendments to the Resolution of the Government of the Russian Federation dated December 21, 2011 № 1080), http://government.ru/docs/37231/
On 22 June 2019, the Russian Government changed operating instructions of the national development bank Vneshekonombank (VEB), to facilitate its mobilisation of unused funds from state-owned corporations. According to the previous version of the Rules for the Investing of Temporarily Free Funds of State Corporations, a state company could only buy those bonds of the VEB that were given a credit rating by one of the two Russian rating agencies (ACRA and Expert). The present decree eliminates the rating requirement, with a view to expanding the range of financial instruments through which the VEB can mobilise financing. The VEB is one of the largest distributors of state loans in the Russian Federation.