Sistema’s Russneft Cuts Interest Rate on Sberbank Loan to 7%

OAO Russneft, a Russian oil producer part-owned by Vladimir Evtushenkov’s AFK Sistema, lowered the interest rate it pays on debt to OAO Sberbank to 7 percent.

Russneft has total debt of $4.96 billion, the company said in a statement, without elaborating. Russneft previously paid 9 percent interest on Sberbank debt, said a company official, who declined to be identified in line with corporate policy.

To contact the reporter on this story: Jake Rudnitsky in Moscow at jrudnitsky@bloomberg.net

To contact the editor responsible for this story: Brad Cook at bcook7@bloomberg.net

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