Athletes To Carry Out Own Water Tests Cho Nominated As New '18 Games Head Clegg: Russia Should Be Stripped Of WC F1 Teams Rule Out Russian Race Boycott IOC Invites Skateboarding To YOG BOC To Spend $600M On 2016 Games Olympic Cauldron Row Settled Out Of Court Lawmakers Raise Doubts About Russia '18 PyeongChang 2018 Names Interim Chief N. Korea Urges South To Accept Delegation
Enter amount in full numerical value, without currency symbol or commas (ex: 3000000).
Upcoming Conferences and Events
SBD Global/November 8, 2013/Olympics
Russian Government Looks To Support Sochi Investors And Avoid Loan Defaults
Published November 8, 2013
GOVERNMENT ON THE HOOK: Most of the loans for Olympic projects were extended by state-run Vneshekonombank. Of the total of 241B rubles ($7.45B) in loans, 165B rubles ($5.1B) have government guarantees. That means if the investors default on their loans to Vneshekonombank, the government will have to compensate the bank’s losses from the federal budget -- a prospect that the government apparently wants to avoid. Among investors in Sochi Olympics projects are Vladimir Potanin’s Interross and Oleg Deripaska’s BasEl. Both companies declined to comment.
Vladimir Kozlov is a writer in Moscow.