Russia’s Renova gets credit line from Promsvyazbank

MOSCOW (Reuters) – Russian billionaire Viktor Vekselberg’s Renova Group received a credit line from Promsvyazbank last week to support the business after it was hit by U.S. sanctions, Russia’s finance ministry said on Monday.

Government funds were not used to extend the credit line, the finance ministry said.

Russia’s central bank took over Promsvyazbank last year, and it was earmarked by the government to provide credit to sanctioned entities so that other lenders could offload the risk.

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