OREANDA-NEWS  The State Duma immediately adopted a law in the second and third readings, according to which the government of the Russian Federation can convert Russian participation shares into debt obligations in order to protect banks from possible sanctions. This is evidenced by the data of the Duma electronic database.

The amendment is being introduced into the Budget Code of the Russian Federation, it was proposed as an amendment to the second reading of the draft law on inter-budgetary relations.

It is noted that the Cabinet of Ministers, upon reaching agreements with international financial organizations, can either convert Russia's participation shares into debt obligations, or make the opposite decision without worsening conditions.

The bill was submitted to the State Duma on July 28, 2022. In the first reading, it was approved on September 14. On December 15, the initiative was supported by the State Duma Committee on Budget and Taxes.

During the meeting of the committee, Deputy Director of the Department of International Financial Relations of the Ministry of Finance of the Russian Federation Oleg Podomatko pointed out the sanctions pressure against international financial institutions in which the Russian Federation has a stake. He added that the ministry's work is aimed at removing organizations from the Western sanctions.