Russian state-controlled VTB Bank, the second largest financial institution in the country, received the first installment of a $250 billion ruble bailout from the Russian government on Monday. The bank confirmed that it had received 100 billion rubles from the nation's national welfare fund to shore up its balance sheet.
Analysts note the VTB bailout is part of a plan to recapitalize the Russian banking system hit hard by the plunging ruble and Western sanctions.
More details on VTB bank bailout
"VTB confirms that today the bank has been provided with 100 billion rubles" - the first tranche of a 250 billion ruble deposit planned by the government, the state bank, which has been hit by sanctions over Moscow's Ukraine incursion imposed by the United States and the EU, announced Monday.