Russia repaid the debts of oligarch Victor Vekselberg for $ 1 billion

Vekselberg's Renova Group has returned $ 1 billion to a consortium of European, Swiss and American banks, including JPMorgan, Credit Suisse and UBS.
21.05.2018
Spletnik
Origin source
After receiving assistance from the state, the Russian oligarch Viktor Vekselberg, who was under the sanctions, paid off loans to Western banks.

Vekselberg's Renova Group has returned $ 1 billion to a consortium of European, Swiss and American banks, including JPMorgan, Credit Suisse and UBS.

Closing loans had to be hurried: the US Treasury, which placed Vekselberg and all its structures in the SDN's "black list", demanded that all transactions be broken before June 5. Otherwise, the banks that lent to Renova risked becoming the object of "secondary sanctions."

Two weeks before the expiry of the term, the money was already received by banks, Reven representative told Reuters and confirmed the source close to the billionaire.

To return it was necessary two credits, one of which - for 720 million dollars - Vekselberg received only 5 months ago. The second - for 350 million - was issued in July 2016. Pledge was the interest in key Swiss assets Vekselberg, including in the steel concern Schmolz + Bickenbach.

Means "Renova", which in case of non-repayment of loans risked losing assets, introduced in mid-May Promsvyazbank. This was reported last week by the Russian Ministry of Finance.

The bank, in turn, was provided with the CBR, which contributed a total of 443 billion rubles after the PSB was nationalized in December with a hole in the capital and escaped to London by the owners.

A representative of Renova said on Saturday that the company repaid loans from its own funds.

According to Kommersant, the refinancing of $ 1bn of Western loans in Russian banks is only part of the support Vekselberg asked.

A billionaire who takes 9th place in the Russian list of Forbes with a fortune of $ 14.4 billion needs help in refinancing loans and bonds for 300 billion rubles, or $ 4.7 billion if his company's companies are distributed by secondary sanctions and they will not be able to service debts.

In addition, Vekselberg asked permission for unlimited loans to the Renova Group through Metcombank, among whose beneficiaries are Vekselberg's partners and top managers of its structures.

To do this, the bank is invited to allow the violation of the N6 standard from the Russian Central Bank, which limits the crediting of owners to banks.

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