February 11, 2020 / 3:28 PM / 16 days ago

Russian central bank to return 1.25 trln roubles to budget after sale of Sberbank - sources

MOSCOW, Feb 11 (Reuters) - Russia’s central bank plans to return 1.25 trillion roubles ($19.75 billion) to the state budget after selling its stake in the state lender Sberbank , two sources familiar with the situation said on Tuesday.

Russia will use these proceeds to finance President Vladimir Putin’s major state projects and to restructure defence industry debt, the sources added.

The central bank and the finance ministry did not immediately reply to a request for comment.

The finance ministry said earlier on Tuesday that Russia would tap its rainy-day fund, the National Wealth Fund (NWF), to buy the central bank’s stake in Sberbank. ($1 = 63.3025 roubles)

Reporting by Darya Korsunskaya and Elena Fabrichnaya; writing by Polina Devitt; Editing by Kevin Liffey

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