Russia saved Victor Vekselberg from sanctions

The total cost of state support for the Renova Group may amount to more than $ 1 billion.
14.05.2018
Kommersant
Origin source
The government in a short time approved the receipt of state support by the owner of the Renova Group Viktor Vekselberg, who was under US sanctions in early April. The details are not yet known, but, as previously reported to "Kommersant", Renova recently asked for extensive support measures for its business, including refinancing loans to Western banks for € 820 million, various benefits for its companies. Also, measures are being worked out to support the assets of another businessman, Oleg Deripaska, who was under restrictions.

Victor Vekselberg, who was in April under US sanctions, was given state support, told reporters on May 14 and. about. the head of the Ministry of Finance Anton Siluanov, who this week should be confirmed as the first vice-premier of the Russian Federation. "Support has already been provided, last week, a week ago," the official said without details. The fact that Renova Viktor Vekselberg sent to the government a plan to support its assets, told Kommersant in early May. In particular, Renova requested refinancing in state-owned banks loans received in the West for € 820 million on the security of a 26.5% stake in Rusal, assistance in refinancing loans and bonds for companies of the group for up to 300 billion rubles. (subsidizing rates and state guarantees), if these companies are distributed "secondary sanctions" and they will not be able to service debts. Renova also asked for assistance and preferences in obtaining state orders for its industrial and development assets, various customs privileges.

In addition, Mr. Siluanov said that the government has also worked on supporting the assets of Oleg Deripaska, also under the US sanctions, "Rusal" (co-owner is also Viktor Vekselberg) and GAZ, including loans from the state-owned Promsvyazbank. Now En + (owns 48.13% of RusAl and energy company Eurosibenergo), Oleg Deripaska tries to minimize the impact of sanctions on the company. In April, Mr. Deripaska decided to reduce the stake in En + to less than 50%, and leave the board of directors of the group.

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