Russian government to acquire Sberbank stock - law
MOSCOW, March 19 (RAPSI) – A bill on the purchase of the Sberbank shares by the Russian government has become law. A copy of the document signed by President Vladimir Putin is published on the official website of legal information.
The State Duma adopted the package of bills on March 12. The Federation Council backed them two days later.
The first initiative stipulates withdrawal of the Bank of Russia from the bank’s equity.
According to the initiative, the Central Bank will sell its equity stocks to the Cabinet of Minister at a weighted average price depending on security quotes for the last six months before the first deal round.
The draft law is aimed to eliminate a potential problem of the Central Bank’s conflict of interests in acting jointly as stockholder, regulator and supervisory body.The second bill proposes to set an order of transfer to the federal budget of a fraction of revenue from the Sberbank stock sale.