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Azeri Oil Fund to Deposit Cash With Russia’s VTB, Trend Says

Azerbaijan’s State Oil Fund, known as Sofaz, will place rubles on deposit at VTB Group (VTBR) and other Russian banks to diversify reserves, the Trend news service reported, citing Shahmar Movsumov, Sofaz’s executive director.

Talks with VTB Bank are drawing to a close, Movsumov told reporters today in Baku, the Azeri capital, Trend said.

To contact the reporter on this story: Zulfugar Agayev in Baku at zagayev@bloomberg.net

To contact the editor responsible for this story: Hellmuth Tromm at htromm@bloomberg.net

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