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Russia provides massive aid for its banks

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Russia provides massive aid for its banks
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The Russian State Duma has approved a range of emergency measures to help banks and companies hit by the credit crisis. The anti-crisis package is worth a total of 63 billion euros. The aim is to boost banks’ liquidity and help companies refinance foreign debts.

Vladislav Reznik, head of the Duma’s Financial Markets Committee, said the parliament approved all the measures proposed by the government.

He said, “These measures will help to stabilize the liquidity situation on the bank market, and after all it’s aimed at saving our citizens.”

Due to the volatility of world markets trading on Russian stock markets had been suspended since Wednesday after losses of more than ten percent. They re-opened for a brief period today before being closed again as the news from Asian markets showed serious losses.

As a major oil exporter Russia’s energy companies have suffered from the recent drop in crude oil prices. They account for more than sixty percent of the Russian stock indexes.

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