ST. PETERSBURG — A road and bridge project in St. Petersburg led by VTB will postpone a planned bond issue worth 15 billion rubles ($479.46 million) until next year, the head of the city's finance department said late last week.
"It is necessary to borrow another 15 billion rubles [for the project], but we have decided to postpone it until next year, we will not jostle with others," Eduard Batanov told a Cbonds conference.
The project envisages a 47-kilometer urban motorway between the St. Petersburg port on the Gulf of Finland and the city's ring road aimed to address traffic hurdles.
"I guess that the existing problems this year are quite obvious," Batanov added.
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.
