Banks give way to the state.

"Bashneft" was allowed to violate the covenants on loans.

"Bashneft", which by mid-December must pass under the control of the state, will be able to avoid problems with creditors. The oil company could trigger the covenants on loans worth almost 90 billion roubles. "Bashneft" yet could not agree only with 5% of the creditors, but the payment of 4 billion roubles in advance should not be a problem for the company. In general, lenders are even happy with the fact that "Bashneft" goes to the state.

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Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
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