Russia to create bank for defence industry
Russia will create a state-owned bank to finance its defence industry which has encountered difficulties in obtaining financing due to US sanctions, the Russian Ministry of Finance (MoF) announced on 18 January.
The MoF said the bank would specialise in conducting operations related to state defence orders and large state contracts.
Russian media have presented the opening of such a bank as a means to protect the country's other lenders from Western sanctions on Russia's military-industrial complex over the conflict in eastern Ukraine, including recently tightened US measures.
At the end of December 2017, Russian private bank Alfa said it would stop working with firms in the defence sector because of the US sanctions.
Russian media have said the bank could be created on the base of an existing medium-sized bank.
The MoF said the bank would soon become the property of the state.
More from Defence Notes
-
![Taiwan approved for $11 billion weapon purchase from US]()
Taiwan approved for $11 billion weapon purchase from US
The US State Department’s approval of a multi-billion-dollar sale of weapons to Taiwan includes tactical mission networks equipment, uncrewed aerial systems, artillery rocket systems and self-propelled howitzers as well as anti-tank guided missiles.
-
![US National Security Strategy prioritises advanced military capabilities and national industry]()
US National Security Strategy prioritises advanced military capabilities and national industry
The 2025 NSS has emphasised investment in the US nuclear and air defence inventory and national industry, but it leaves multiple unanswered questions on how the White House will implement this approach.
-
![Canada set to look away from its neighbour and across the Atlantic for partners]()
Canada set to look away from its neighbour and across the Atlantic for partners
While non-EU UK struggles to join the Security Action for Europe initiative, which provides loans for defence programmes, Canada has become the first country outside Europe to get access – and did so for a nominal fee.
-
![NATO experiments with solutions to integrate networks, AI and uncrewed systems]()
NATO experiments with solutions to integrate networks, AI and uncrewed systems
During the latest edition of the NATO DiBaX, the alliance tested multiple capabilities to inform requirements for future efforts.
