SME Times is powered by   
Search News
Just in:   • realme C30 rejuvenates entry-level segment with cutting-edge, vertical stripe design inspired by new suitcase design  • BYJU's cuts 600 jobs as edtech space shrinks in India  • GI tag to J&K saffron and promotion of Kashmiri products  • Special drive in UP to provide crop insurance to farmers  • Unbranded packaged foods to be brought under GST 
Last updated: 19 Jan, 2018  

Tank.9.Thmb.jpg Russia mulls bank for defence financing

Tank.9.jpg
   Top Stories
» Govt to remove barriers in credit flow for MSMEs: Union Minister
» Rupee slips to 78.68 against US dollar
» India continues to grapple with 'severe and protracted power crisis' after surge in coal prices
» Structured support to MSMEs can pave way for business growth
» Over a quarter of MSMEs lost over 3% market share due to Covid: Crisil
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 banks.

 
Print the Page Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 29 Jun, 2022
  Daily Poll
COVID-19 has directly affected your business
 Yes
 No
 Can't say
  Commented Stories
» China's forex reserves reach USD 2.85 trillion(1)
» Skill India organizes Pradhan Mantri National Apprenticeship Mela(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter