Gazprom Turns to China’s ICBC as Sanctions Cut Funding Options

OAO Gazprom held talks with China’s biggest bank on the possible sale of offshore yuan bonds amid a growing push by Russian companies to find alternative funding to offset U.S. and European sanctions.

The Russian natural-gas exporter’s chief executive officer, Alexey Miller, discussed so-called Dim Sum bonds with Industrial & Commercial Bank of China Ltd. Chairman Jiang Jianqing, Gazprom said in an e-mailed statement, without elaborating. They also talked about settlement of yuan-ruble transactions, according to the statement.