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Russia moves to help companies refinance foreign loans
Parvez Jabri
24 Dec, 2014
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Copyright Reuters, 2014
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![](https://i.brecorder.com/images/2014/12/russia-flag-dec.jpg">MOSCOW: Russia's central bank said on Wednesday it would help major Russian companies refinance foreign loans by starting lending money in hard currencies to those who are willing to put their foreign loans as collateral with the regulator.</P><P>While Russia has minimal sovereign foreign debts, Russian state and private companies and banks have accumulated a total of $600 billion in foreign debts of which around $100 billion are due next year.</P><P>The ability to repay the money was severely reduced this year by Western sanctions imposed on Russia which effectively shut access by companies and banks to European and Western debt markets.</P><P>A plunge in oil prices and a subsequent steep devaluation of the rouble have also undermined the financial strength of many Russian borrowers.</P><P>Russia has around $414 billion in foreign exchange and gold reserves, down from around $510 billion at the start of the year, as it was forced to spend heavily to prop the rouble in the past months after oil prices almost halved from this year's peaks in June.</P><P>)
