December 27, 2017 / 9:59 AM / a month ago

Russia's RDIF to loan $696 million to Sistema to settle Rosneft dispute

MOSCOW (Reuters) - The Russian Direct Investment Fund (RDIF) will provide a 40 billion ruble ($696 million) loan to the Sistema conglomerate to help settle a dispute with oil producer Rosneft, the fund’s head Kirill Dmitriev said on Wednesday.

Dmitriev told reporters that Sistema-owned retailer Detsky Mir and Bashkirian Power Grid Company will be put up as a collateral for the six-month loan.

Sistema will pay 100 billion rubles to resolve a dispute with Russia’s largest oil producer Rosneft over the Bashneft oil company, under a settlement announced by both companies on Friday.

Sistema will make payments in three instalments. First, 20 billion rubles, then 40 billion rubles and a final 40 billion rubles, due on Dec. 29, Feb. 28, and March 30, respectively.

The dispute centered on the Bashneft oil company and pitted powerful Rosneft chief executive Igor Sechin, a close ally of President Vladimir Putin, against Yevtushenkov, a billionaire who some media reports suggest is close to Prime Minister Dmitry Medvedev.

Reporting by Denis Pinchuk; Writing by Vladimir Soldatkin; Editing by Louise Heavens

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