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Posted: December 17, 2009

RUSNANO Transfers Over $2 Billion in Free Funds Back to the State

(Nanowerk News) In accordance with the Decree of the Government of the Russian Federation No 1455-r of October 5, 2009 on the Return of Temporarily Free Funds of State Corporations to the Budget of the Russian Federation, RUSNANO transferred 66.4 billion rubles (approx. $2.15 bn) to the bank accounts of the Federal Treasury of the Russian Federation.
According to another Decree of the Government of the Russian Federation No 1454-r of the same date, the transfer of RUSNANOís free funds to the state budget is carried out on a return basis: it is expected that in 2010-2012 these funds will be transferred back to the Corporation.
The remaining funds available to RUSNANO amount to 41.15 billion rubles, they will be utilized to finance the Corporationís investment projects in 2010. These funds are now temporarily placed in the commercial banks, selected by the closed request for proposals, that ended yesterday, on December 15, 2009. 13 banks, which undergone pre-qualification to meet the requirements established by the Ministry of Finance of the Russian Federation and the Corporation, participated in the closed request for proposals. As a result of this procedure, the temporarily free funds are now placed in the following credit institutions: Uralsib, Bank Saint Petersburg, VTB, Nomos-Bank, Bank of Moscow.
Source: RUSNANO (press release)
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