January 18, 2018 / 12:54 PM / a year ago

Russia to create bank for state defence orders - Finance Ministry

MOSCOW, Jan 18 (Reuters) - Russia will create a state bank to service government military contracts and orders, the Finance Ministry said on Thursday, in a possible sign that Moscow is preparing for new U.S. sanctions.

The ministry did not name the bank or say when it would be created, but said it would soon conclude the “necessary corporate procedures to transfer the bank into the ownership of the Russian Federation.”

“The new bank ... will be optimally suited for the role of a core bank in dealing with state defence orders and major government contracts,” the ministry said in a statement. (Reporting by Darya Korsunskaya; Writing by Jack Stubbs; Editing by Andrew Osborn)

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