NWF money will be used to recapitalize companies in need, has not been invested in shares - Siluanov

MOSCOW. March 28 (Interfax) - National Wealth Fund money will be used to recapitalize companies that find themselves in a difficult situation due to sanctions; it has not yet been used to buy shares on the stock market as a measure of support, Russian Finance Minister Anton Siluanov told reporters.

"We are keeping the NWF money in our reserve for now. We need the NWF money right now to finance types of support, first of all, for enterprises that have got into a difficult situation. We intend to use it as a budgetary resource. We have the right to enter the market, but so far we have not exercised this right," he said.

"NWF money will come in handy here" for companies in need, he said.

Companies that can receive such support are defined in the government's action plan, Siluanov said.

It has been reported that Russian Railways could be recapitalized using NWF money. Such a decision is part of a plan of initial actions to ensure the development of the Russian economy under conditions of external sanctions pressure that was approved in mid-March at a meeting of the government commission to increase the stability of the Russian economy under sanctions.

The plan proposes allocating 250 billion rubles to Russian Railways from NWF funds in 2022 for the implementation of investment programs.