ANNOUNCEMENT 23 Jun 2009

In June 2009, the government of Russia announced a change in private-sector financial support.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE



the Government Decree # 854-p from 23 June 2009


Inception date: 23 Jun 2009 | Removal date: open ended
Still in force

Capital injection and equity stakes (including bailouts)

Russian Prime Minister Vladimir Putin signed a ruling (the Government Decree # 854-p from 23June 2009) to inject 100 billion rubles (2.3billion Euros) into the charter capital of Vnesheconombank (http://www.veb.ru/en/) as a measure to support banking system of the Russian Federation during crisis.
A State Corporation 'The Bank for Development and Foreign Economic Affairs (Vnesheconombank)' is one of the key instruments of the government investment policy. Vnesheconombank activities are aimed at overcoming infrastructure growth restrictions, upgrading and promoting non-raw materials economic sector, high-technology industries, encouraging innovations and exports of high-technology products, carrying out projects in special economic zones, environment protection projects, supporting small and medium-sized business. The Bank's authorized capital is being formed by pooling assets of Vnesheconombank of the USSR to be transferred in the course of its reorganization, federally owned shares of the Russian Development Bank and Roseximbank as well as assets to be transferred by the Russian Government. The Bank's Supervisory Council was established and a Memorandum on the Bank's Financial Policy was approved. The Bank takes an active part in carrying out major investment projects that help to boost infrastructure and high technology industries of the Russian real sector of the economy.
 

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