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(Reuters) – Russia is contemplating spending round 107 billion roubles ($1.34 billion) from its Nationwide Wealth Fund (NWF) to recapitalise flagship airline Aeroflot, the Interfax information company reported on Wednesday, citing an unnamed supply.
The deliberate transfer is a part of a brand new package deal of measures that the federal government is making ready to help financial growth following Western sanctions over Moscow’s actions in Ukraine.
The NWF, which accumulates the nation’s oil revenues, will purchase into a brand new share challenge by Aeroflot by way of an open subscription and spend an additional 57 billion roubles on fairness stakes in different Russian airways to assist them pay money owed, Interfax reported.
In keeping with Interfax, the federal government’s stake in Aeroflot should not fall past the present 57.34% on account of the brand new share sale.
Russia spent 80 billion roubles shopping for Aeroflot shares in 2020 to assist it climate the coronavirus disaster.
Aeroflot and the Russian finance ministry didn’t instantly reply to requests for remark.
Information website RBC reported on Tuesday that the federal government was discussing a further share challenge by Aeroflot that may be paid for by the NWF, whose property stood at $155.2 billion final month.
($1 = 79.7500 roubles)
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