The Russian government has bought almost $700 million worth of state bank Gazprombank's shares, the bank said on Dec. 31, in the latest support for a banking sector suffering from Western sanctions over the Ukraine crisis and a sharp economic slowdown.
Russia's War Against Ukraine
Reuters: Russia spends almost $700 million to boost Gazprombank capital
Gazprombank said the government had bought 39.95 billion roubles ($685.5 million) of the bank's preference shares, using money the bank had returned to the country's National Wealth Fund (NWF) by repaying subordinated deposits it received earlier.
