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Gazprom expects no serious impact of sanctions on financial results — deputy CEO

December 26, 2014, 11:30 UTC+3
Gazprom considers issuing bonds in offshore yuans in Hong Kong
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Headquarters of Russia's natural gas giant Gazprom

Headquarters of Russia's natural gas giant Gazprom

© AP Photo/Alexander Zemlianichenko

MOSCOW, December 26. /TASS/. Gazprom expects no serious impact of sanctions on financial results, Gazprom Chief Financial Officer and Deputy CEO Andrey Kruglov said on Friday.

Kruglov said Gazprom’s cash balances exceed $20 billion.

“Gazprom’s total debt and debt ratios historically stay at comfortable levels for the corporation while its cash balances of over $20 billion reduce its net debt level,” he said.

He also said Gazprom considers issuing bonds in offshore yuans in Hong Kong. Kruglov noted that Chinese commercial banks may syndicate loans for Gazprom’s corporate purposes.

Moody's on Tuesday issued a press release downgradeing Gazprom's foreign currency rating to Baa2 from Baa1, with negative outlook.

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