Moscow is creating a bank that the Kremlin will use to finance its defence industry in a manoeuvre that will help it avoid new US sanctions. Promsvyazbank will be Russia’s 9th largest bank by assets.
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Moscow creates bank to help it avoid US sanctions
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Mr Fradkov has no experience running a bank, but was previously a deputy chief executive at state-run VEB, an unlicensed development lender, when the Kremlin ran up $18bn in foreign debt by using it as a slush fund for pet projects. VEB is struggling to repay the debt under US and EU restrictions on raising capital.
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