Alpari RU Extends Deal With Zenit Russia To Cut Budget For 2018 World Cup Para-Cycling To Find Out Paralympic Fate IOC Dismisses Saudi-Bahrain Bid Idea China Seeks End To Gold Medal Fixation Workers Leaving Zenit Construction Site Al-Thani Says Qatar Bid 'Inevitable' Rio Mayor Wants Golf Course Privately Run Montezemolo Likely To Lead Rome's Bid Olympic Notes
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.