VTB’s Kostin Says Russia Won’t Burn Its Foreign Bondholders

Russian companies aren’t planning to renege on borrowings from foreign investors as the country faces having its debt rating cut to junk, VTB Group Chief Executive Officer Andrey Kostin said.

The Bank of Russia has sufficient reserves to provide borrowers with the foreign currency they need to service payments, Kostin said in an interview with Bloomberg TV in Davos, Switzerland on Wednesday.