Russia Offers Additional Funds to Support the IMF and the Eurozone

On Thursday, Russia announced that it is ready to contribute to a Eurozone IMF rescue. The news came at the end of a two-day meeting, where President Dmitry Medvedev mentioned financial aid and “other measures” which would be invested to resolve the situation. Other issues discussed at the summit included energy deals, Syria and an oil embargo on Iran.

Medvedev said “We are ready to invest all financial means to back the European economy and the Eurozone,” after his economic advisor Arkady Dvorkovich stated that Moscow is able to invest up to $20 billion in the IMF in an effort to support the Eurozone.

“What we need to do is make markets believe,” Dvorkovich said, adding that the exact sum would depend on other EU leaders and the progress made towards the 200 billion euro IMF boost.

Though Medvedev did not mention any specific amounts, Dvorkovich said $10 billion owed to Moscow by the IMF could be used in support of the IMF instead, and an additional contribution of $10 billion could be added as well, in an effort to “preserve the euro.”

 

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