The wild gyrations in the ruble and on Russia's equity and bond markets last week have taken their toll on banking sector liquidity, with interbank interest rates rising to the highest level in nine years. The central bank and government have announced a series of measures to support the banking sector, including a 1tn rouble ($18bn) recapitalisation plan announced on Friday.
The central bank said the state deposit insurance agency would take over administration of Trust bank while a buyer was sought. "It is assumed that the investor will be one of the large Russian banks," the central bank said in a statement.
Mr Medvedev told the heads of Russia's big banks on Monday to make sure that during the new year holidays people had "an opportunity to relax without worrying about what is going on in the banking sector".
In another sign of pressure, the government said it would impose duties on exports of grain, which have boomed because of currency weakness, forcing prices up for domestic consumers.
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Mr Kudrin said the economy would contract by at least 4 per cent next year if oil prices remained at $60 a barrel, echoing central bank forecasts of a 4.5-4.7 per cent contraction. There would "certainly" be a recession in 2016.
"Russia will have its rating downgraded, it will be cut to junk," he said. "Due to the economic disruption . . . payment discipline will fall significantly and we will see a series of defaults of medium-sized and large companies."
Mr Kudrin also predicted an increase in dissatisfaction among the population that could have a political impact. "There will be a fall in living standards, it will be painful. Protest activity will increase," he said.
He declined to comment on his own potential return to the government.