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    Russian deposit insurer gets $7 bln from state for bank bailout

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    Russia's Deposit Insurance Agency received 200 billion rubles ($7.2 billion) from the federal budget on Monday to rescue troubled banks amid the financial crisis, the head of the agency said.

    MOSCOW, November 24 (RIA Novosti) - Russia's Deposit Insurance Agency received 200 billion rubles ($7.2 billion) from the federal budget on Monday to rescue troubled banks amid the financial crisis, the head of the agency said.

    "The funds were transferred to our account this afternoon," Alexander Turbanov told reporters.

    He earlier said that between 20 and 40 national banks could require emergency bailout funds by the end of next year.

    Russia's Central Bank has adopted an array of new regulations aimed at strengthening the stability of the country's banking system, in particular, authorizing the agency to transfer control of troubled banks to new investors without the need to revoke their banking licenses until December 31, 2011.

    Russia's government has recently taken urgent measures to pump billions of U.S. dollars into the domestic stock market to shore up the liquidity of leading companies. Prime Minister Vladimir Putin earlier said the government would allocate up to $50 billion to companies to refinance their foreign debts.

    He also said that companies should be offered alternative debt refinancing loans as a way of "saving Russian enterprises from being sold off at rock-bottom prices, which do not reflect their true value."

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