Reuters exclusively reports Russia expects to recover far less from ‘bad bank’ assets

Reuters exclusively shared how Russia will dramatically cut its estimate of the sum it expects to recover from a “bad bank” set up after the collapse of three major lenders, according to three sources familiar with new calculations being prepared for the central bank. The central bank has spent over $40 billion bailing out Otkritie, B&N and Promsvyazbank since 2017, and hoped to recover between 40 and 60 percent of the value of the 2 trillion rubles of assets. The bank now expects to receive only 20 percent of the value, according to experts.