February 13, 2020 / 11:27 AM / 11 days ago

Russia ready to pay first 1.2 trln rbls for cbank's Sberbank stake in spring

MOSCOW, Feb 13 (Reuters) - Russia is ready to pay a first instalment of 1.2 trillion roubles ($18.8 billion) for the central bank’s stake in the country’s largest lender Sberbank in the spring, Finance Minister Anton Siluanov said on Thursday.

If oil prices stay above $50-52 per barrel, the finance ministry will be able to pay the remaining 1.2 trillion roubles later this year, Siluanov added. Otherwise, the second payment of the more than 2.4 trillion rouble total is expected in 2021.

Siluanov said the finance ministry is sticking to its plans to invest up to 300 billion roubles a year from its National Wealth Fund, from which it is funding the Sberbank deal, on infrastructure projects.

$1 = 63.6975 roubles Reporting by Darya Korsunskaya, Writing by Alexander Marrow Editing by Katya Golubkova

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