Russian banks are failing to approve the majority of appeals for financial support from consumers and businesses seeking emergency funding under government schemes to ease economic damage stemming from the coronavirus. The Central Bank said 900 companies have applied for a total of $81 million in interest-free loans to cover staff salaries, in a scheme where the government would subsidize banks to cover the cost of cheap lending. As of Friday, just 76 $1 million had been approved, equivalent to 1.2% of the amount applied for.
