February 15, 2018 / 12:05 PM / a year ago

Russia's Promsvyazbank to get up to 1 trln rbls in defence loans

SOCHI, Russia, Feb 15 (Reuters) - Russia's Promsvyazbank is to receive up to 1 trillion roubles ($17.60 billion) in the defence sector's loans which will be transferred mainly from state banks Sberbank and VTB, Russia's Finance Minister told reporters on Thursday.

Anton Siluanov also said PSB would receive between 80 billion roubles and 100 billion roubles in capital via special instruments the Russian government used in previous years to support the banking sector.

The owners of Promsvyazbank agreed to a central bank bailout last year and the lender is due to be transferred to the state to serve the defence sector amid the risk of expansion of Western sanctions. The move should help to protect Russia's top banks such as Sberbank and VTB. (Reporting by Darya Korsunskaya; writing by Katya Golubkova; editing by Maria Kiselyova)

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