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Russia Earmarks Up to $40 Billion to Shore Up Economy, FT Says

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June 18 (Bloomberg) -- Russia has earmarked as much as $40 billion for this year and next to bolster its economy in the event the euro-region crisis widens and spreads and is also renewing a plan to permit the government to recapitalize the nation’s banking system, the Financial Times reported, citing an interview with Finance Minister Anton Siluanov.

Siluanov said the government is planning to create a reserve mechanism worth 500 billion rubles ($15.4 billion) for 2013 to provide for financing “anti-crisis measures,” the newspaper said.

The FT cited the minister as saying that the amount would include support for people who are “socially needy” and the recreation of a 2009 program that was not implemented at that time by which government bonds would be issued to recapitalize banks in exchange for shares.

Siluanov was speaking ahead of the G-20 meeting in Mexico, the FT said.

To contact the reporter on this story: John Simpson in Toronto at jsimpson12@bloomberg.net

To contact the editor responsible for this story: Greg Chang at gchang1@bloomberg.net

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