PRESS: Russian govt can allow VEB to take corporate deposits

MOSCOW, Jul 14 (PRIME) -- The Russian government has approved a draft law allowing Vnesheconombank (VEB), which does not have a banking license, to open banking accounts and draw deposits from companies in accordance with decisions by the government, business daily Kommersant reported on Friday, citing a spokesperson for VEB.

Under the current rules, VEB cannot take corporate deposits and can open accounts only for entities participating in its investment projects.

The bill will be submitted to the State Duma, the parliament’s lower house, next week and can be approved in July, the official said.

Deputy Chairman of VEB Alexei Ivanchenko said that the without the bill, implementation of the new strategy of the bank will be limited.

A source with knowledge of the position of the central bank said that the authority opposes the decision and will agree to the proposal only if the rules of opening deposits are defined clearly, for instance if VEB undertakes to work with companies subject to sanctions.

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