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Reports: Promsvyazbank to receive another capital boost from Russia's budget

PAO Promsvyazbank, bailed out by the Russian central bank in 2017, could receive 20 billion Russian rubles from the federal budget by the end of 2018, news agencies Prime and RBC reported Oct. 15.

The financial resources will be provided in addition to the 5 billion ruble capital boost announced earlier this year, Russian Deputy Finance Minister Alexei Moiseev was cited as saying.

Promsvyazbank was taken over by the central bank in December 2017, and later was transferred to Russia's Federal Agency for State Property Management. The lender will specialize in servicing defense-sector firms to shield other banks from potential sanctions.

As of Oct. 15, US$1 was equivalent to 65.55 Russian rubles.