Rada Passes Law Asking President To Payback ~USD 2 Bln In Lost Soviet Savings.

The Verkhovna Rada passed a draft law yesterday demanding the government use profits from the Kryvoryzhstal (KSTL: BUY) sale to payback ~USD 2 bln in debts owed by Sberbank, the Soviet Union’s saving bank. The draft was initiated by the leaders of the Ne Tak opposition block and passed with 275 votes. The Party of Regions, Communists, and Yulia Tymoshenko block all voted in favour of the law.  Concorde Capital: These funds were originally set aside by the President to be used on investment projects, and we strongly doubt Yushchenko will sign this bill. The bill calls for the 2006 budget to be altered to payback these loans and would send inflation through the roof. This was clearly a move by the opposition to gain popular support for the elections.