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...

Subscribe from just €1 for the first month!


What's Included

With any subscription you will have access to

  • 971569B3-2C5E-4C45-B798-CEADE16987A8

    Unlimited multi-device access to our iPad, iPhone and Android Apps

  • 099C8662-C57C-42F2-9426-F2F90DF17C8F

    Unlimited access to our eReader library

  • 198AE43B-B9CF-4892-8769-D63C2104BA08

    Exclusive daily insight and opinion seven days a week

  • D8F37B78-25E4-4E4A-A376-4F5789B1564A

    Create alerts to never miss a subject that matters to you

  • B15F2521-37CD-4E02-B898-730A20D39F7F

    Get access to exclusive offers for subscribers on gifts and experiences

  • A564FE02-1AB8-4579-AF9D-BA32A2E5ACA7

    Get content from Business Post, Business Post Magazines, Connected, Tatler and Food & Wine

Share this post

Related Stories

Tom Maguire: Tax changes we make now could help business for years

The Daily Briefing

The Daily Briefing