MOSCOW: Russian state-owned bank VTB briefly lent over $11 billion to an entity controlled by Qatar and commodities trader Glencore four days after the Kremlin signed a deal to sell them a stake in state oil company Rosneft for a similar amount, two Russian newspapers reported on Tuesday.
The existence of the short-term loan, if confirmed, muddies the picture that Kremlin officials painted of the deal, as a successful transaction that showed foreign investors were hungry for Russian assets despite Moscow’s stand-off with the West.
Russian President Vladimir Putin, who trumpeted the sale late last year of the Rosneft stake as a major boost to the state budget, had previously said Russian state-run banks should not bankroll such transactions. Rosneft and VTB declined to comment on Tuesday on whether the lender had lent the money to the Qatar-Glencore joint venture. Glencore and the Qatari wealth fund, the Qatar Investment Authority, could not immediately be reached for comment.
Rosneft, in a statement, said that the financing of the deal was structured to avoid causing volatility on the Russian foreign exchange market.
Being a journalist in Pakistan means you must be willing to live with a Damoclean…
Pakistan's historic lunar payload - regardless of how small it may be when compared to…
Barack Obama's rise to the presidency in 2009 gave hope to millions across the globe.…
Pakistan is neither a jungle nor are the ways of the jungle followed here. There…
The long-term adverse effects of a polarized nation extend beyond immediate social unrest to the…
Leave a Comment