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Scaled-Up Banking Rescue to Push Russian Budget Into Deficit
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Russia's central bank revises the initial figure of $500 million for rescue of Trust Bank to $2 billion, and an additional six year loan of about $550 million to go to an "investor" bank to take control of Trust Bank. State controlled VTB Bank will receive $2 billion and Gazprombank $1.4 billion in government help, according to Mr. Siluanov, Russia's Finance Minister. So far the Russian government has approved $20 billion for rescue in the banking system. Foreign currency reserves have declined by $16 billion to $398.9 billion, according to figures released by the central bank on Dec. 26, 2014. The Russian government plans to use the foreign currency holdings of Rosneft, Gazprom and other large state controlled exporting companies in 2015 to support the ruble. Mr. Siluanov says the government will need to look at its budget again to reduce spending, including military spending. His predecessor Alexei Kudrin called for reducing military spending to ensure stable finances long before this crisis.
Russian central bank rescue of Trust Bank in Dec. 2014
12/22/2014
The Russian central bank injects $530 million into Trust Bank. Trust Bank is taken over by the Deposit Insurance Agency, and all customer deposits are guaranteed.
Grouped Articles
Russia's Central Bank Acts to Save Trust Bank, a Failing Lender, With More Rescues Expected
New York Times 12/22/2014
Scaled-Up Banking Rescue to Push Russian Budget Into Deficit
New York Times 12/26/2014
Russia's budget deficit, the Reserve Fund and foreign investment
05/09/2006
The Reserve Fund, Russia's sovereign wealth fund, is now down to $26 billion. This would only cover about half of the 2011 budget deficit. The need for foreign investment to pursue economic growth, meet development needs, and for oil exploration in the Arctic.
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Russia's Growth Pace Continues to Weaken
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Russia Looks to Borrow to Plug Funding Gap
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Russia Prepared to Let Ruble Slide
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Competing Visions for Russia’s Economic Future
New York Times 05/22/2014
Putin Trumpets Economic Strength, but Advisers Seem Less Certain
New York Times 10/02/2014
Global Oil Glut Sends Prices Plunging
Wall Street Journal 10/15/2014
Alexei Kudrin and other experts see the potential for a deep political and economic crisis in Russia 2011-2015
01/25/2008
Fears expressed by Kudrin and other experts at a Moscow conference about the impact of a recession in the eurozone and Greece's exit from the euro. Kudrin was a key figure in Russia anticipating and setting aside reserves in the sovereign fund to meet the adverse effects of the 2008 global financial crisis. The views expressed were that Russia's economy is shaky and could be seriously affected if European banks reduce their loans. Earlier he strongly opposed increases in military spending in a disagreement with prime minister Medvedev because of concerns about financial stability.
Grouped Articles
Ex-Aide to Medvedev and Putin Out at Kremlin
New York Times 05/08/2013
Putin Pledges Stimulus for Russian Economy
Wall Street Journal 06/21/2013
Russia's Growth Pace Continues to Weaken
Wall Street Journal 08/11/2013
Russia Looks to Borrow to Plug Funding Gap
Wall Street Journal 09/19/2013
Russia Is Facing Stagflation, Central Banker Says
Wall Street Journal 01/17/2014
Russia Prepared to Let Ruble Slide
Wall Street Journal 01/30/2014
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