The Government Commission on Sustained Development of the Russian Economy has approved the provision of sovereign guarantees on RUR26bn ($890.7mn, or €603.8mn) worth of loans issued by Russia’s largest state lender Sberbank and Russian state agricultural bank Rosselkhozbank. Of that sum, Russia’s largest producer of rail cars, tanks and other heavy machinery, Uralvagonzavod, will be eligible for RUR3.3bn ($113.05mn, or €76.64mn) of sovereign guarantees. The company, wholly owned by the government, is on the verge of bankruptcy, facing a debt of some RUR40bn ($1.4bn, or €929mn). (USD1 = RUB29.2337)
- Moscow: 06:41 14.11.2009
