Economics
Gazprom’s Creditors Undeterred by Putin’s Sanctions
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For all the penalties slapped on Russia, some of the nation’s biggest non-sanctioned companies are still able to take loans from European and American banks.
Even as U.S. and European syndicated lending to Russian companies plunged 44 percent this year, OAO Gazprom, the world’s biggest natural-gas company by output, took a 390 million-euro ($485 million) loan from Italy’s UniCredit SpA this month. Citigroup Inc., JPMorgan Chase & Co. and six other banks extended credit to Bank Otkritie Financial Corp.