30 August 2015, Sunday, 14:55

Western banks stop crediting Russian companies

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No Russian companies received loans from western banks last month, the first time this has happened in at least five years.

It became known from Bloomberg, gordonua.com reports.

International lenders are weighing the political and financial consequences of doing business with Russian companies after the U.S. and European Union stepped up sanctions on the nation’s banking and energy industries because of the crisis in Ukraine, Bloomberg writes. OAO VTB Bank’s plan to get a $1.5 billion loan led by Barclays Plc will probably be scrapped, lawyers said last week. Royal Bank of Scotland Group Plc and Citigroup Inc. said Aug. 1 they’re scaling back their dealings with the country.

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