The Russian government is ready to additional capitalize commercial banks and is also planning a large-scale capital amnesty amid tough Western sanctions in response to Russia’s invasion of Ukraine.

“The government together with the Bank of Russia is monitoring the situation on financial markets and will take measures if necessary in order to maintain financial stability including strengthening the capital base of commercial banks,” Siluanov said.

He reiterated that the Finance Ministry plans to reduce the volume of domestic borrowing this year and promised to fulfill all planned budget obligations.

Siluanov said the Finance Ministry has prepared proposals for a larger-scale capital amnesty than in 2015 and 2018-2019.

“We are doing this in order to guarantee Russian capital, which today is abroad,” he said.

In turn, Prime Minister Mikhail Mishustin said that the government will soon present a plan to support the Russian economy.