Russia to Create Bank for Sanctions-Hit Defense Industry



FILE - Russian S-400 surface-to-air missile systems are seen on display during a parade at Red Square in Moscow, Russia, May 9, 2015. Russia's defense industry, which has been struggling to obtain financing due to U.S. sanctions, will soon have its own state bank to turn to, Russia's Finance Ministry announced Thursday.


Russia to Create Bank for Sanctions-Hit Defense Industry: "MOSCOW — 
Russia announced Thursday the creation of a state-owned bank to finance its defense industry which has encountered difficulties in obtaining financing due to US sanctions.

In a statement the Russian Finance Ministry said the bank would specialize in "conducting operations related to state defense orders and large state contracts.""

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