The FINANCIAL -- According to RIA Novosti, Russia's national development bank Vnesheconombank (VEB) has made a decision to refinance foreign liabilities of commercial banks, Central Bank First Deputy Chairman Alexei Ulyukayev said on November 30.

Speaking at the Russian economic and financial forum in Austria, Ulyukayev said the decision had been made two days ago by the VEB Supervisory Board.

Ulyukayev said that until now VEB"s regulatory framework excluded commercial banks from refinancing.

Russia has been hard-hit by the global credit crisis, which has felled Western banks and pushed developed economies into recession. The country's stock markets have lost around two thirds of their value since their May highpoints, amid declining oil prices and other investor concerns.

In particular, the Central Bank has granted $50 billion to VEB to extend subordinated loans to domestic businesses to help them refinance their foreign liabilities.

In October, VEB granted around $10 billion to refinance the foreign debts of energy companies, metals producers, and construction, transport and communications firms.

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