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Putin orders use of cash from wealth funds to support banks

Move part of his efforts to help Russia counteract Western sanctions, overcome economic woes

Several Russian banks hit by sanctions, such as Gazprombank and VTB, received state support earlier this year, but there's now request for more than US$100 billion in additional support.


MONEY collected in one of Russia's two "rainy day" funds should be used to support domestic banks, President Vladimir Putin said on Thursday, as he set out efforts to help Moscow counteract Western sanctions and overcome its economic woes.

Broadly shut out of external