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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