Emerging Markets

New rules for banks servicing Russian state firms


Russia's finance ministry and central bank on Thursday agreed on new banking rules for state-owned companies to protect the firms it has a stake in from risks to the banking sector.

A man walks past a branch of Sberbank Rossii on March 7, 2014 in Simferopol, Ukraine.
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Deputy Finance Minister Alexei Moiseev told CNBC they had agreed on a minimum requirement of capital for banks that provide services to state-ownedcompanies of 10 billion rubles ($300 million). If that capital condition could not be met, the company would have to hold its funds in a government-controlled lender.

"We need to make sure those companies keep safe," Moiseev told CNBC in a telephone interview, adding it was a precautionary measure.

The measure comes as Russia's outlook takes a turn for the worse. The country's economy is stagnating, hurt in part by sanctions imposed by the U.S and the European Union over Russia's role in the Ukraine crisis.

Central bank data on capital flight released on Wednesday showed $75 billion had flowed out of the country in the first six months of 2014, according to Reuters.

Moiseev said the proposal had now been sent to other ministries for consideration and expected it to be adopted in one month's time.

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