MOSCOW, Sept 18 (Reuters) - Russian state development bank VEB will get 100 billion roubles ($1.73 billion) in state funds every year until the end of 2020 to support its capital, Russian Finance Minister Anton Siluanov said on Monday.
According to the Russian budget for 2017-2019, VEB had been due to receive 150 billion roubles every year. . It received 150 billion roubles in state support both in 2016 and in 2017. VEB is under Western sanctions over Moscow’s role in the Ukraine conflict and has been grappling with a mountain of bad debt after financing politically expedient projects such as construction for the Sochi Winter Olympics.
Asked what was the reason behind the decision to cut state support for VEB, Siluanov said: “(VEB) is capable of fulfilling all of its obligations with less support from the federal budget.”
$1 = 57.7051 roubles reporting by Darya Korsunskaya; writing by Denis Pinchuk; editing by Dmirty Solovyov