As noted in the message on the website of the Ministry of Finance, the transaction was carried out at a weighted average price, determined by the results of organized trading at PJSC Moscow Exchange for the period from March 9, 2020 to April 7, 2020.

On March 18, Russian leader Vladimir Putin signed a bill on the government’s purchase of Sberbank shares from the Central Bank.

It is expected that the proceeds from the sale will be directed to the budget to finance the social initiatives outlined in the president’s message to the Federal Assembly.

It was previously reported that the Bank of Russia will include 700 billion rubles from the sale of Sberbank shares to the government in its income for 2020. The remaining funds will be transferred to the treasury.

On February 12, Russian Prime Minister Mikhail Mishustin and Sberbank CEO German Gref held a meeting during which they discussed the government’s purchase of a controlling stake in the bank from the Central Bank.