Saturday, October 25, 2014


Russia

Russia's Rosneft Reportedly Asks For Help To Weather Sanctions

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The head of Russia's largest oil company, Rosneft, has reportedly asked the government for help to cover its massive debt in the wake of Western sanctions.

Russia's "Vedomosti" business daily reported on August 14 that Igor Sechin had written a letter to the government asking it to help the state-owned firm repay nearly $45 billion.

"Vedomosti" said that as one of several proposed options, Sechin had asked the government to use money from its National Wealth Fund to buy Rosneft bonds.

Prime Minister Dmitry Medvedev reportedly asked officials to analyze the idea.

"Vedomosti" said that Sechin called for the aid as a response to Western sanctions over the Ukraine crisis.

The United States has banned credits and loans to Rosneft with a maturity longer than 90 days. European banks and investors are obligated to comply if they want to keep their U.S. operations.

Based on reporting by vedomosti.ru, Reuters, and AFP

 

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