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Regulator sends message to banks on potential restructuring of coal firms’ debts

"The Central Bank has already released a special letter signaling to banks that such restructuring is possible with softer requirements without increasing reserves," Russian Deputy Energy Minister Dmitry Islamov said

MOSCOW, July 1. /TASS/. The Bank of Russia has sent a message to banks on potential restructuring of coal companies’ credit debts, State Secretary, Deputy Energy Minister Dmitry Islamov said in an interview with TASS.

Coal producers have been provided with a number of systemic support measures, including tax deferment from June 1 to December 1, with extensions possible on certain companies if necessary, a discount on the tariff in the western direction, restructuring of credit debts, the official noted.

"The Central Bank has already released a special letter signaling to banks that such restructuring is possible with softer requirements without increasing reserves. Considering accounts payable of 1.2 trillion (rubles), this is very serious support," he said.