Support The Moscow Times!

State Bank to Lose on Olympics

Russia's state development bank says it stands to lose billions of dollars from financing unprofitable construction projects for the 2014 Sochi Olympics.

VEB CEO Vladimir Dmitriyev said in a recent interview with Gazeta.ru that of the 19 projects the bank is funding, at least eight would fail to turn a profit. The eight projects are receiving about $5.2 billion, and Dmitriyev expressed doubts the money will be repaid.

Among those receiving the credits are companies owned by metals tycoons Vladimir Potanin and Oleg Deripaska, and also state-owned Sberbank and Gazprom. All four have asked the government for help in covering some of their losses.

… we have a small favor to ask.

As you may have heard, The Moscow Times, an independent news source for over 30 years, has been unjustly branded as a "foreign agent" by the Russian government. This blatant attempt to silence our voice is a direct assault on the integrity of journalism and the values we hold dear.

We, the journalists of The Moscow Times, refuse to be silenced. Our commitment to providing accurate and unbiased reporting on Russia remains unshaken. But we need your help to continue our critical mission.

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 you can be confident that you're making a significant impact every month by supporting open, independent journalism. Thank you.

Continue

Read more