Kremlin Drains the Last of the National Welfare Fund to Bail Out the Banks
The Russian government has begun offloading what remains of the country’s National Welfare Fund (NWF) to prop up its sanctioned financial sector, confirming this week that Sovcombank received a subordinated deposit of 29.6 billion rubles. The funds are part of a broader government scheme allocating 300 billion rubles from the NWF to four of Russia’s largest banks under the guise of financing the Moscow–St. Petersburg high-speed rail project.
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