Jun
24
Russian Lenders Need Western Money, Top Banker Says
BySuccess depends on how Moscow build relations with the outside world
ST. PETERSBURG—To fix Russia’s broken banks, the Kremlin needs improved relations with the West and to regain access to foreign capital.
This is according to Mikhail Zadornov, a former finance minister and the man now in charge of cleaning up some of Russia’s biggest private banks, which went bust and required a 2.6 trillion ruble ($40 billion) bailout last year. That is equivalent to 16% of Russia’s federal budget this year…
