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Russia's VEB sees 2016 loss at $2.1 billion
December 26, 2016 / 10:36 AM / 10 months ago

Russia's VEB sees 2016 loss at $2.1 billion

The logo of Russia's state development bank Vnesheconombank (VEB) is seen on top of a building in central Moscow, Russia, April 22, 2016. REUTERS/Maxim Zmeyev

MOSCOW (Reuters) - Russian state development bank VEB will post a loss of 130 billion roubles ($2.14 billion) this year, its chairman Sergei Gorkov said on Monday, less than an expected loss of 200 billion roubles.

Speaking to reporters, Gorkov said VEB’s sale of American depository receipts, or ADRs, in Russian state gas company Gazprom GAZPI.UL this year had contributed 118 billion roubles to the overall loss.

Reporting by Elena Fabrichnaya; Writing by Andrey Ostroukh; Editing by Peter Hobson

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