Russia could spend $7 billion on bailout – deputy governor

Central Bank of Russia
The Bank of Russia

A senior figure at Russia’s central bank has said it may need to inject nearly $7 billion of capital into the failing systemically important institution it took over on August 29.

Bank of Russia deputy chairman Vasily Pozdyshev told a locally based Reuters reporter that the central bank may need between $4.34 billion and $6.96 billion to recapitalise Otkritie Bank. The figures were based on a “preliminary assessment” of the bank’s losses by the central bank-appointed administrators, Pozdyshev

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