The law provides for additional measures to support the Russian financial system following the negative effects of the global financial crisis.
The federal law stipulates that Vnesheconombank has the right to grant loans to various entities in foreign currency to repay and service loans received by these organisations before 25 September 2008 from foreign organisations, as well as to perform other operations for the above aims. To that end the Bank of Russia will allocate Vnesheconombank deposits totaling up to 50 billion USD.
The Bank of Russia has the right to offset the losses incurred by credit organisations as a result of their transactions with other credit organisations who have their right to conduct banking operations revoked during the period up until 31 December 2009.
The law also provides for depositing up to 450 billion roubles from the National Welfare Fund into Vnesheconombank until 31 December 2019. These funds are intended for issuing subordinated loans to open joint stock company Vneshtorgbank, open joint stock company Rosselkhozbank and other Russian credit organisations provided that they comply with certain conditions.
In addition, the law provides that the Bank of Russia will provide subordinated loans of up to 500 billion roubles to the Savings Bank of Russia.