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Russia’s VEB may issue yuan-denominated bonds

July 30, 2014, 17:56 UTC+3 NOVO-OGARYOVO
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NOVO-OGARYOVO, July 30. /ITAR-TASS/. Russia’s national development corporation Vnesheconombank (VEB) may issue bonds denominated in the Chinese currency to finance its operations, VEB CEO Vladimir Dmitriyev said on Wednesday.

‘It all depends on the market. We have never abandoned this idea and this is not linked to sanctions,” Dmitriyev said.

In mid-July, the United States imposed a third package of sanctions against Russia over its stance on Ukraine, barring Vnesheconombank and also Gazprombank, a bank affiliated with energy giant Gazprom, from raising medium- and long-term financing from US institutions.

This funding mechanism has not lost its importance, the VEB head said. “Another thing is how we’ll borrow and in which volumes as the market there is not so liquid,” the VEB CEO said.

“We considered this option [bond placements in yuans] five years ago. We were suited with one situation at that time but now we’ll, of course, look at alternative options and this {yuan bonds] is one of the possibilities,” the VEB chief said.

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