Bloomberg News

Russia May Provide $20 Billion to IMF for Euro Crisis Fight

December 15, 2011

(Updates with comment from Dvorkovich in third paragraph. For more on Europe’s sovereign-debt crisis, see EXT4.)

Dec. 15 (Bloomberg) -- Russia may provide as much as $20 billion of assistance to the euro area through the International Monetary Fund, according to Arkady Dvorkovich, chief economic aide to President Dmitry Medvedev.

Russia has committed to $10 billion and may consider providing another $10 billion, Dvorkovich said by telephone today.

The possibility of Russia expanding its aid offer “isn’t pressing yet because no one has even asked for the first ten,” Dvorkovich said. The Russian central bank would lend the additional money to the IMF as European central banks are doing, he added.

Medvedev said in Brussels today that Russia is prepared to consider aid measures for the European Union in addition to its existing commitment to the IMF. On Oct. 31, Dvorkovich said Russia was prepared to make as much as $10 billion available through the IMF and hasn’t ruled out offering bilateral help to individual EU countries.

--Editor: Patrick G. Henry

To contact the reporter on this story: Ilya Arkhipov in Brussels at iarkhipov@bloomberg.net

To contact the editor responsible for this story: Balazs Penz at bpenz@bloomberg.net


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