Equities

Reuters exclusively reports Russian state bank secretly financed Rosneft sale after foreign buyers balked

Reuters exclusively reports Russian state bank secretly financed Rosneft sale after foreign buyers balked

Reuters exclusively reported that state-owned Russian bank VTB had financed the purchase by Qatar of a stake in oil major Rosneft to the tune of around $6 billion. The financing, which VTB denies, followed several failed attempts by Rosneft’s CEO Igor Sechin to sell the stake to buyers in the Middle East and Asia. The financing undermines Moscow’s argument that, despite global sanctions, Russia remains open for international business. The sale had been designed to raise money from foreign investors, not state-owned Russian enterprises.