The Russian Federation is trying to create a Bank that will be used to Finance the defense industry to bypass the sanctions. It is reported by the Financial Times.

For these purposes, the Central Bank of the country-an aggressor uses the PSB, which late last year introduced a temporary administration. Promsvyazbank, the ninth largest Bank in Russia, will be a “special purpose Bank for service of the enterprises of the military-industrial complex,” said the regulator.

According to preliminary estimates, promsvjazbanka need about 200 billion rubles ($3.5 billion at current exchange rates) for recapitalization.

Now the lending sector of defense of the Russian Federation are engaged in the savings Bank and VTB. They appear in the sanctions list of the West in connection with the military aggression of Russia in Ukraine. But, in contrast to the Russian defense sector, they are not in the “black list”.

“They (the Kremlin – ed.) don’t want them (Sberbank and VTB – ed.) fell under the sanctions. It’s obvious,” says Fitch analyst Alexander Danilov.

Earlier Alfa-Bank was notified by the Russian defense companies about the intention to terminate their service because of the sanctions.

Council of the European Union on 21 December, extended the sectoral economic sanctions against the aggressor country for the next six months, until 31 July 2018.

Before that, November 29, in force U.S. sanctions against energy and banking sectors of the Russian economy.




Media: Russia is creating a Bank to Finance of defense companies 21.01.2018

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