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Russian Banks Borrow Money From China
October 14, 2014 14:43


 China lent out more than $ 4 billion to Russia for the purchase of Chinese goods. Being unable to borrow money on the financial markets of the EU and the USA due to the sanctions, the Russian state-owned banks found money in China.

In particular, today VTB Bank has signed the agreement with the Export-Import Bank of China (Eximbank) providing for the granting of loans in roubles and yuans to VTB for a total sum of up to $ 2 billion. Using these funds, the bank plans to support business projects with the partners presented by Russian and Chinese companies. A framework credit agreement for the same amount ($ 2 billion) with the president of the Chinese Eximbank Yuan SinYun was signed today by the Chairman of Vneshekonombank Vladimir Dmitriev.

“The agreement provides for granting of long-term credits for financing of projects implemented on the territory of the Russian Federation, including the Far East and Siberia. According to the parties, it will allow to increase the volumes of trade and economic cooperation between the two countries” – the report of VEB stated. The Chinese Eximbank also concluded a framework agreement with Rosselkhozbank to provide trade financing to the latter.

Earlier today the Financial Times reported that Russian companies would not be able to recover losses from the closing of western financial markets through loans from the eastern partners. The sources of the edition have reported cases of termination of negotiations on granting loans to Russian companies under pressure from the Chinese government reluctant to enter into conflict with the authorities of the USA.

Today the Central Bank of the RF has signed a three-year agreement for swap agreements in national currencies with the People’s Bank of China, the volume of the swap line being equal to 150 billion yuans. The document gives access to the Central Banks of each of the two countries to liquidity in the currency of another country, bypassing the need to purchase it at the currency markets. 

Author: Anna Dorozhkina

Tags: Russian banks     

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