Michael Heseltine, Britain's Secretary for Trade and Industry, said Wednesday that he and Deputy Prime Minister Alexander Shokhin would iron out the details of trade agreements before President Boris Yeltsin makes his scheduled trip to London in October.
Heseltine said the credits would go "toward industries where we see the ability to enhance Russian hard-currency earnings, which also maximizes the security of our investment".
He singled out the energy sector, telecommunications, and air traffic control as likely targets for the British credits.
Heseltine spent about a week in the former Soviet Union discussing the terms of Britain's offer, which will amount to approximately $480 million in credit to shore up Russia's economy.
A Message from The Moscow Times:
Dear readers,
We are facing unprecedented challenges. Russia's Prosecutor General's Office has designated The Moscow Times as an "undesirable" organization, criminalizing our work and putting our staff at risk of prosecution. This follows our earlier unjust labeling as a "foreign agent."
These actions are direct attempts to silence independent journalism in Russia. The authorities claim our work "discredits the decisions of the Russian leadership." We see things differently: we strive to provide accurate, unbiased reporting on Russia.
We, the journalists of The Moscow Times, refuse to be silenced. But to continue our work, we need your help.
Your support, no matter how small, makes a world of difference. If you can, please support us monthly starting from just $2. It's quick to set up, and every contribution makes a significant impact.
By supporting The Moscow Times, you're defending open, independent journalism in the face of repression. Thank you for standing with us.
Remind me later.