Vneshekonombank to get $4bn from Pension Fund

This year, Vneshekonombank will receive $4bn from the Russian Pension Fund for investment activities, Chairman of the bank Vladimir Chernukhin reported to journalists today. These resources are the saving part of pensions of those citizens who did not assign any investment company to manage their money.

As Chernukhin reported, these resources will be invested in state securities, mortgage securities guaranteed by the state, and deposits in other banks, including foreign banks. He also reported that the law stipulated the bank's commission under 1 percent of the volume of executed operations. Chernukhin stressed that this could not be considered as business.

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