NEWSWATCH: “Russia’s Most Important Bank Needs a Bailout. VEB faces task of paying off about $20 billion in foreign-currency debt.” – Wall Street Journal

Cash, Calculator, Pen

When the Russian government needed to build up infrastructure in … Sochi ahead of the 2014 Winter Olympic Games, it turned to Russia’s most important lender: Vnesheconombank, the country’s state-owned development bank. … eventually holding the equivalent of at least $2.9 billion in overdue loans. … the bill is coming due. VEB for years kept its books in balance by […]

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RBTH: Fresh U.S. sanctions will only boost import substitution – Russian experts

Portion of U.S. Treasury Department Building Facade, North Side, with Sculpture of Alexander Hamilton

The extension of U.S. sanctions against Russia on July 30 will first and foremost lead to the strengthening of import substitution, say Russian analysts. However, with the blacklist now expanded to include branch companies of the country’s main development institute, Vnesheconombank, and Russia’s largest oil company, Rosneft, the realization of large infrastructure projects may seriously be affected. (Russia Beyond the […]

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