Russian Figures From Bank Crash Recovery are Worse than Predicted

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According to 3 sources familiar with new calculations being prepared for the Russian central bank, Russia has had to dramatically re-estimate the figure it expects to recover from its bad banks to much lower, more realistic numbers.

After the collapse of three major lenders in the federation (Otkritie B&N and Promsvyazbank), the Russian central bank has reportedly spent over USD $40 billion in bail out funds since 2017 trying to keep them afloat. Unfortunately, hopes for recovery of between 40% to 60% of the value (2 trillion rubles or approximately USD $30 billion) were very generous figures in the original rescue deal.