Russia won't sell state assets on the cheap: PM

Reuters News
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Posted: Apr 17, 2013 7:39 AM
Russia won't sell state assets on the cheap: PM

MOSCOW (Reuters) - The Russian government will not sell state assets on the cheap, but only when deals look profitable enough, Prime Minister Dmitry Medvedev told the Lower House of Parliament on Wednesday.

"Nothing will be sold for 3 kopecks... The sales will happen when it is profitable," he told the Duma.

Last year, Russia cut its stake in its top lender Sberbank, raising $5 billion, after delaying the deal several times due to weak markets. This year, the state plans to reduce its stake in No.2 bank VTB.

(Reporting by Darya Korsunskaya; writing by Katya Golubkova)