Putin discussed cooperation with the defense industry with the head of Promsvyazbank Fradkov
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Press service Russian President Vladimir Putin announced his meeting with Pyotr Fradkov, chairman of Promsvyazbank (PSB). The banker told the president about increasing funding for the PSB, cooperation with the military-industrial complex (OPK) and lending to the state defense order.
Most of Mr. Fradkov’s report was devoted to servicing state orders, supporting relatives of military personnel and the bank’s work in the annexed regions. He clarified that 60,000 military families have registered mortgages with PSB at preferential rates (no more than 8%).
“Only at the end of 2022 again, 850 billion rubles. compiled a portfolio of support for small and medium-sized businesses. This is retail lending, this is the same mortgage,” said Petr Fradkov. Vladimir Putin commented on the report with the phrase: “And very good.”
After the entry of Russian troops into Ukraine, the PSB hit to the sanctions lists of the United States, the European Union, Great Britain, Singapore, Canada, Switzerland, Japan, Australia, New Zealand and Ukraine. The bank was also disconnected from the SWIFT system. Pyotr Fradkov also fell under personal sanctions.
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