"Up to $50 billion is being earmarked to refinance borrowings made by Russian companies abroad," Putin told a cabinet meeting.
He said the state-run VEB bank would broker the transactions.
Putin also said the government had decided to place up to 175 billion rubles ($6.7 billion) in Russian securities in 2008 and the same sum in 2009, with VEB being the operator.
The Russian premier said the government was drafting a bill to provide subordinated loans of up to 950 billion rubles ($36 billion) to banks for 10 years.
"These funds will be used to increase banks' capitalization and to solve liquidity problems," Putin said at a cabinet session.
On October 7, President Dmitry Medvedev said at an economic conference that the government would issue banks a $36 billion subordinated loan for at least five years.
Russia's financial system has been affected by a global credit crunch which started in the U.S. and quickly spread to Asia and Europe leading to record losses on Russia's financial markets, rising interest rates and a liquidity shortage.
