Exclusive: Russian state bank secretly financed Rosneft sale after…

whoops.

‘The 10.2 billion euro ($11.57 billion) privatization deal was designed to replenish Russia’s coffers, depleted by falling energy prices and Western sanctions.

Some Russian officials hailed it as proof that despite growing political isolation from the West the country could still attract global investors.

But now, nearly two years after the sale was first announced, nine sources with knowledge of the transaction have told Reuters that VTB, a Russian state-owned bank, itself financed a large share of the acquisition, undermining the deal’s stated aim to bring foreign money into the country.

Based on accounts from five of the sources, the value of the Russian loan to the Qatari sovereign wealth fund is around $6 billion.’

Leave a Reply

Your email address will not be published. Required fields are marked *