November 23, 2017 / 4:26 PM / a year ago

Russia to decide on new arms-procurement bank by year-end -official

SOCHI, Russia (Reuters) - Russia is considering setting up a bank to finance state military procurements and will make a decision by the end of the year, Deputy Defence Minister Tatyana Shevtsova said on Thursday.

Shevtsova said the bank could be established as a new bank or on the basis of an existing lender.

Russia proposed on Tuesday ending the publication of the names of banks which finance Russian state-controlled arms producers, in a possible sign that Moscow is preparing for new U.S. sanctions.

The draft law would, if adopted, mean the Russian central bank no longer has to publish a list of banks dealing with the arms industry, which included eight lenders as of Oct. 1.

Reporting by Denis Pinchuk; Writing by Jack Stubbs; Editing by Maria Kiselyova

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