ANNOUNCEMENT 21 Jul 2014In July 2014, the government of the Russian Federation announced a change in private-sector financial support.
NUMBER OF INTERVENTIONS
21 2014 . N 275- " 4 5 " "
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With Federal Law of 21 July 2014 N 275-FZ was amended Federal Law N 173-FZ of 13 October, 2008, concerning measures to support the financial system of the Russian Federation.
The 2014 legal act introduces the possibility funds of the National Welfare Fund, provided by the state Vnesheconombank during a period of a financial crisis in the form of subordinated loans to the banks and returned by them after the last performance of obligations under these loans to be used to purchase preferred shares in these banks. The Russian Government will decide on a case by case basis whether to activate this new anti-crisis measure concerning the banking sector.
In addition, the 2014 legal act also introduces the possibility the biggest and oldest bank in Russia, Sberbank, which serves 70 per cent of the population to receive non-collateral subordinated loans up to 500 billion RUB (ca. 12 billion USD).