Deripaska debt to VTB not written off under En+ sanctions deal: Interfax
Reuters
Published Jan 23, 2019 09:24AM ET
Deripaska debt to VTB not written off under En+ sanctions deal: Interfax
MOSCOW (Reuters) - VTB Bank (MM:VTBR) is not writing off debt owed by Oleg Deripaska under a deal to lift U.S. sanctions from Russia's En+ Group
A New York Times report on Monday said En+'s settlement with the U.S. Treasury allows Deripaska to escape hundreds of millions of dollars in debt to VTB.
"There are certain complex legal and technological changes in the debt structure, but the debt is not being written off, it remains completely," Soloviev told Interfax.
The U.S. Treasury has agreed to remove sanctions against En+ and aluminum giant Rusal (HK:0486), in which it owns a 48 percent stake, as well as power firm EuroSibEnergo if they reduce the controlling stakes held by Deripaska, who will remain on Washington's blacklist.
Under the deal, VTB will take ownership of En+ shares Deripaska pledged as collateral for an outstanding obligation, Washington said in December.
"The final structure of the deal will be determined, I hope, and approved soon," Soloviev told Interfax, adding that "the shareholder" would remain VTB's borrower.
En+ declined to comment on the situation.
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Written By: Reuters
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