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Russia prepares to bail out its banks as economy collapses
naturalnews.com Russia's economic crisis continues to worsen as 2015 begins, with its bank bailout having now been expanded to include Gazprombank, the nation's third-largest lender. On Dec. 31, OAO Gazprombank confirmed that it would receive more than $700 million in aid as the Kremlin scrambles to protect the country's banking sector after the ruble's free fall in 2014, which ended the year by having decreased in value more than 40%. The plunge in oil prices, sanctions from the West and the collapse of the ruble have left the nation in a recession - which some are predicting will turn into a depression - as an uncertain New Year dawns for the Russian populace.
Oil-dependent economy puts Russian economy in peril
Russia's dependence on an oil-based economy has put the country in a precarious economic position. And many observers are speculating that the steep decline in oil prices which occurred without warning or a clear reason, was part of an engineered plot set in motion by Western governments and bankers to further punish Putin over the events in Ukraine after economic sanctions failed to have the desired effect. By the end of December, the Russian central bank had spent more than $110 billion of its foreign currency reserves in its attempts to prop up the ruble. The bank bailout has been expanded, with a tripling of aid to retail bank National Bank Trust, which has now received 127 billion rubles in assistance. The state-controlled bank, VTB, has been given 100 billion rubles from Russia's National Welfare Fund and expects to receive another 150 billion over the first quarter of 2015. VTB is The country's second-largest lender.Sign up for our free e-mail list to see future vaticancatholic.com videos and articles.
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