Russia announces fund to help sanctions-affected firms

MOSCOW, Sept. 15 (UPI) —

Russia announced plans Monday to establish an emergency fund for companies affected by sanctions imposed for the country’s involvement in Ukraine.

A fund of 100 billion rubles ($2.6 billion) to primarily help Russian banks and energy companies will be created from money earmarked for the State Pension Fund and from unspent funds from the 2014 federal budget.

Russian Finance Minister Anton Siluanov announced the plan Monday, adding, "We are planning to create a reserve of significant size."

Oil company Rosneft, said it would require 1.5 trillion rubles ($39.7 billion) to maintain its schedule of oil exploration.

The move comes a week after the European Union and the United States announced a third round of sanctions against Russia.

Last week the Russian Economic Development Ministry announced a 20 billion ruble ($671 million) fund to encourage investment in the country to help finance infrastructure and energy projects, and attract private investors.