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Medvedev signs bailout bill into law
RBC, 14.10.2008, Moscow 10:39:53.A law stipulating measures to stabilize the Russian financial market has come into effect as of today. The document was signed by Russian President Dmitry Medvedev on Monday and published in today's Rossiyskaya Gazeta newspaper. The law allows the Bank for Development and Foreign Economic Affairs (Vnesheconombank) to provide companies with loans from today until December 31, 2009 to pay off and service their debts incurred before September 25. The total amount of loans to be granted by Vnesheconombank must not exceed USD 50bn. The law also calls for the extension of subordinated loans worth up to RUB 950bn (approx. USD 36.38bn) to Russian banks, while yet another measure stipulated by the law enables the Central Bank to grant unsecured loans to Russian banks. During a meeting with his aide Arkady Dvorkovich yesterday, Medvedev stressed that the law was vital to prevent serious consequences of the international financial crisis on the Russian market.
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