Channels

Putin: State to fund Russian banks' foreign debts

Russian State-owned Vneshekonombank will loan up to $50 billion to Russian companies who need to pay back foreign debts, Prime Minister Vladimir Putin was quoted as saying on Monday.

 

The measure is another step in Russia's rescue package for markets and the financial sector, and should help firms who are no longer able to borrow abroad due to the global credit crunch. (Reuters)