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Sanctions force oil firm to go cap in hand to Putin

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сечин у путинаRussia’s largest oil company has asked the Kremlin for a $45 billion bailout as sanctions imposed by the West over Ukraine begin to bite.

Rosneft wants to borrow billions of dollars from the Russian government to pay off its huge debts, according to reports in Moscow. Sanctions imposed by the US last month ban western banks from providing long-term financing to key Russian companies.

Rosneft is under pressure because it has to repay more than half its $45 billion debt before the end of next year. About $9.4 billion of this is due at the end of this year.

The Times

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