Support The Moscow Times!

Minsk Gets $300M Loan

MINSK — Belarus has received a loan of $300 million from Azerbaijan for potash miner Belaruskali and has put the money into its reserves.

"We wish we had always been offered such loans," said Valery Kiriyenko, Belaruskali's general director.

He also said he opposes the terms of a $2 billion loan from Russia's Sberbank and Germany's Deutsche Bank, in particular having to put up 35 percent of Belaruskali's shares as collateral. "I'm against the loan being provided on those terms, and I think those more highly placed than I will not go for this," Kiriyenko said.

Kiriyenko also said Belarus should not agree to sell any of the assets in Belaruskali to India, which recently said it intended to buy a stake of up to 25 percent. "It would not be right when those buying our products are the owners; it could cause distortions in our future work," he said.

Read more

Independent journalism isn’t dead. You can help keep it alive.

As the only remaining independent, English-language news source reporting from Russia, The Moscow Times plays a critical role in connecting Russia to the world.

Editorial decisions are made entirely by journalists in our newsroom, who adhere to the highest ethical standards. We fearlessly cover issues that are often considered off-limits or taboo in Russia, from domestic violence and LGBT issues to the climate crisis and a secretive nuclear blast that exposed unknowing doctors to radiation.

Please consider making a one-time donation — or better still a recurring donation — to The Moscow Times to help us continue producing vital, high-quality journalism about the world's largest country.