Moscow, Japan's State Banks Agree on Special Lending Terms for Russian Projects

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Moscow has agreed with Japanese state-owned banks on special lending terms allowing them to finance Russian projects without participation of private banks, Economic Development Minister Alexei Ulyukayev said Saturday.

VLADIVOSTOK (Sputnik) — According to Ulyukayev, Japanese legislation stipulates that state-owned banks can only co-finance projects together with private banks.

"The main problem is that Japanese companies, banks, I mean, are not willing to finance supply of equipment for investment projects fearing US sanctions…. We agreed with the Japanese side that there will be exceptions and state-owned banks will be able to finance projects in full," he told reporters at the Eastern Economic Forum in Vladivostok.

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