Sunday February 16, 2020

Moscow bank helps Rosneft take an Irish detour around sanctions

Credit Bank of Moscow’s manoeuvring allowed it to expand its lending to the oil company, highlighting one way Russian firms are circumventing US and European restrictions

8th May, 2018
Rosneft CEO is an ally of Vladimir Putin. Pic: Getty

A Russian oil company effectively barred from international capital markets by western sanctions has found an ingenious workaround. It involves a Moscow bank taking a detour to Dublin.

In February, Credit Bank of Moscow used an Irish shell company to sell $500 million of bonds to investors including Goldman Sachs. While the marketing materials for the offering didn’t dwell on the bank’s relationship with Rosneft, the state-controlled oil company has drawn the lender into close...

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