The State Duma allowed Sberbank and VEB not to return 500 billion rubles to the treasury

State Duma deputies immediately adopted in the second and third readings a bill on the right of Sberbank and VEB not to return 150 billion rubles and 350 billion rubles, respectively, to the treasury. The document was published in the database of the lower house of parliament.

In 2008-2009, the Central Bank issued a subordinated loan to Sberbank and placed a deposit with VEB. In April 2020, the regulator sold a 50% stake in Sberbank to the government. The deal assumed that the Central Bank would transfer to the government the rights of claim against Sberbank and VEB.

Now the State Duma has given the government the right to change contracts with two state-owned banks and include 500 billion rubles in their fixed capital. Sberbank’s 150 billion rubles were already taken into account in the credit institution’s fixed capital. According to the authors of the bill, returning money to the treasury “in conditions of volatility in financial markets” will harm the bank. VEB, with this money, can expand its loan portfolio, the deputies pointed out.