Ministry: Renova gets loan from Promsvyazbank on market terms

MOSCOW, May 14 (PRIME) -- Russian multi-industry holding Renova, hit by the U.S. sanctions in April, received a loan from Promsvyazbank on market terms last week and will be able to take out loans at other banks at more favorable terms once its operations are normalized, the Finance Ministry said on Monday.

“Last week, Renova, hit by the U.S. sanctions, received support in the form of a loan provided on a repayable basis on Promsvyazbank line. The funds were provided on market conditions, the rate on the loan is not preferential and takes into account both the cost of the bank funding and risks accompanying such lending, including requirements for creation of reserves. Price conditions of the lending imply that once operations of these companies are normalized commercial banks will be able to offer more favorable terms,” the statement said.

“Thus budget funds were not used for these goals.”

Acting Finance Minister Anton Siluanov said earlier on Monday that the government provided support to companies of Viktor Vekselberg, but declined to provide any details.

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