Updated 06:30 a.m. Moscow time
MOSCOW, September 10 (RIA Novosti) – Russian Prime Minister Dmitry Medvedev has signed a decree that ordered the Finance Ministry to place $6,031 billion on Vnesheconombank’s (VEB) deposit for 15 years in 2014.
There will be only two deposits - for $3,504 billion at an interest rate by 3 percentage points higher than the six-month LIBOR rate and for $2,527 billion at the rate of 2.75 percentage points higher than the rate of six-month LIBOR.
The amount of the deposit shall not exceed 7 percent of the total volume of the Russian National Wealth Fund.
Earlier, Russian President Vladimir Putin signed a law providing for the possibility of such placements. Later, the government passed a decree by which the term of the deposit has been established within 5 to 15 years.
It was noted that the early repayment of the deposit or its part at the initiative of the VEB can be carried out not earlier than five years from the date of inclusion of the deposit in the sources of the bank’s additional capital.
Interest shall be paid at least once a year, the interest rate is similar to the level of interest rates on deposits in US dollars, which were previously placed on means of the NWF and the VEB.
