Russian banks have faced difficulties in refancing due to Western sanctions.
Russian bank VTB will open a $1 billion credit line to India's Essar Group, chief executive Andrei Kostin said on Thursday during a visit to New Delhi by President Vladimir Putin.
Kostin also said that VTB would not ask for more than 250 billion roubles ($4.6 billion) in financial assistance from a government rainy-day fund called the National Wealth Fund.
Russian banks have faced difficulties in refancing due to Western sanctions.
Kostin also said that state-controlled VTB has no plans to leave the London Stock Exchange, where its shares are listed.
($1 = 54.9200 roubles)
Image: Russian bank VTB. Photograph: Kind courtesy, wikimedia commons
