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State loan mulled over Ukraine's $3.2 billion debt to Gazprombank

November 24, 2014, 16:11 UTC+3 MOSCOW MOSCOW November, 24. /TASS
According to Economic Development Minister Alexey Ulyukayev, up to 100 billion rubles ($2.15 billion) may be provided from the $84 billion National Welfare Fund as subordinated loans
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© ITAR-TASS/Dmitriy Rogulin

MOSCOW, November 24. /TASS/. Reserve fund loan finance is being considered to help Gazprombank deal with a $3.2 billion debt owed by Ukraine, Russia's government says.

Up to 100 billion rubles ($2.15 billion) may be provided from the $84 billion National Welfare Fund as subordinated loans, Economic Development Minister Alexey Ulyukayev said on Monday. The announcement builds on a November 15 statement from President Vladimir Putin that Gazprombank planned to demand early repayment of $3.2 billion owed by Russia's neighbour.

“Since gas does not reach consumers (in Ukraine), and is not paid for, our bank does not receive the money back,” Putin said, noting "the right to demand repayment” and adding that "if we do it, Ukraine’s entire financial system will collapse. If we do not, our bank may collapse.”

Gazprombank's major shareholders are Gazprom (35.5%), Gazfond pension fund (49.6%) and Vnesheconombank (10.1%).

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