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Russian oligarch demanded from the Kremlin compensation for the U.S. sanctions

The President of “Rosneft” (Russian Oil) Igor Sechin appealed to the Russian government asking for financial assistance. The need for such assistance, the head of the company explains of imposed against “Rosneft” of the U.S. sanctions. This is stated in the letter of the Deputy Minister of Economic Development Oleg Fomichev to the Department of […]

sechin rosneftThe President of “Rosneft” (Russian Oil) Igor Sechin appealed to the Russian government asking for financial assistance. The need for such assistance, the head of the company explains of imposed against “Rosneft” of the U.S. sanctions. This is stated in the letter of the Deputy Minister of Economic Development Oleg Fomichev to the Department of Energy.

In the middle of July the U.S. Treasury has forbid American companies, banks and citizens, and all who conducts operations through the United States to provide “Rosneft“, “Novatek“,” Gazprombank” and “VTB bank” with loans and borrowings for more than 90 days.

Net debt of “Rosneft” at the end of June amounted to 1.5 trillion rubles (about 44.5 billion dollars). It was formed after the purchase in 2013, TNK-VR over 54 billion dollars. Under that deal, the company issued loans from a pool of international banks for a total amount of 31 billion dollars. In this and the following years, in “Rosneft” will be the peak of debt payments.

Sechin offers five ways to support the company. The most expensive for the state is redemption at the expense of the National Welfare Fund (NWF) new bonds of “Rosneft” for 1.5 trillion rubles. However, there is no such money in the NWF.

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