IANS | 19 Jan, 2018
Russia will create a
new bank to finance defence needs and major state contracts in the wake of
Western sanctions, the Russian Finance Ministry has said.
The new bank should be "optimally suited" for the role through its
size and an extensive network of branches, the ministry said in a statement on
Thursday, Xinhua news agency reported.
Corporate procedures necessary for the transfer of the new bank into the
ownership of Russia will be completed in the near future, it added, without
providing more details.
The US and its allies have sanctioned a number of Russian officials and
companies over Crimea and the Ukrainian crisis, complicating the operation of
various companies involved in Russia's military and industrial sectors.
Washington is expected to announce a new set of sanctions at the end of January
in retaliation for Moscow's alleged meddling in the 2016 US presidential
election, which may further hinder the work of such companies and banks.
Earlier this month, Russian President Vladimir Putin signed a law restricting
information on certain government transactions and legal entities, which made
the list of banks involved in financing the defence sector a secret.
The Russian central bank has consequently ceased to publish the list of such