Russia has sent its proposals on a Russian-Venezuelan...

Russia and Venezuela signed an agreement to establish a bank on the basis of the existing Evrofinance Mosnarbank in June 2009. The bank is expected to have charter capital of $4 billion.

"The work [to form the bank] is underway," Dmitry Pankin said, adding Venezuela would be represented in the project by the National Development Fund (Fonden).

In June, Pankin said the bank was expected to be established within a year with its headquarters in Moscow. The Russian side, represented by Gazprombank, the financial arm of Russian energy giant Gazprom, and the state-run VTB Bank, is expected to have a 51% stake in the project.

Assets of Evrofinance Mosnarbank, in which VTB Group has a 35,8% stake, are estimated at 37 million rubles ($1.25 million).

MOSCOW, March 23 (RIA Novosti)