RIA Novosti reported that the Russian government has injected about RUB 1 trillion into domestic banks in the 15 months since the global financial crisis hit the country in 2008.

Russia, which receives a large part of its revenue from oil exports, was hit hard by the global financial crisis, prompting the government to take urgent measures to save the banking sector from collapse, extending direct and subordinated loans to major banks, most of them held in private hands.

Mr Mikhail Sukhov director of the Central Bank's department for licensing and financial recovery of credit institutions, said government aid accounted for 72% of all investment in banks' equity capital, including subordinated loans.

He said that the government would not make large-scale investment in the equity of banks for their recapitalization now that the financial situation had stabilized.

Mr Alexei Ulyukayev Central Bank First Deputy Chairman said on that while a second wave of economic crisis was unlikely in Russia, the country was braced for a long period of recovery after the global financial meltdown.

He said that the Russian government was already curtailing anti-crisis measures as the country had started to exit the recession from the third quarter of 2009, but was acting cautiously to stimulate economic growth that was still fragile while also guarding against new financial bubbles.

(Sourced from RIA Novosti)