The government has given Yandex, VK and Ozon a preferential loan totaling 130 billion rubles: the money will be used to meet the companies’ obligations to their Eurobond holders, Kommersant learned.
In a normal situation, current payments to investors do not require state support, however, after the start of the special operation of the Russian Federation in Ukraine, the shares of these companies were withdrawn from currency exchanges. Bondholders have the right to demand redemption of all issues. At the moment, this would collectively require around $2.4 billion.
- VK confirmed to the newspaper that they had sent a “request for the provision of preferential loans for the restructuring of the resulting debt”, but did not confirm the amount.
- Yandex reported that they had taken a specific loan from a commercial bank, the funds of which would be used to pay off the Eurobonds, and “the subsidized loan rates are made as part of an agreement between the banks and the government.”
- Ozon did not respond to a request.
- Mintsifra said that the government supported the department’s initiative and provided large Russian Internet companies with a preferential loan to refinance their debt in the amount of 130 billion rubles.
Author:
anastasia mariana
Source: RB
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