Bank of Russia says cost of major bailout is rising

Otkritie Bank
Otkritie Bank

The Bank of Russia has said the cost of bailing out a large commercial bank that failed last year has risen further.

The central bank said in a statement that it was injecting capital worth 42.7 billion rubles, or approximately $688 million, into Otkritie Bank. The capital will be provided in return for newly issued shares in Otkritie, of which the central bank is already the 99.9% owner.

The money will mainly be used to provide funding to several state-owned entities that Otkritie deals with.

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