BRUSSELS - The European Union on Dec. 5 amended the terms of the sanctions imposed against Russian banks to allow banks to raise long-term financing on EU territory in order to support their subsidiaries located in Europe, the EU said in its official journal.
Banks on the sanctions list may raise loans with maturity exceeding 30 days if these loans have “a specific and documented objective to provide emergency funding to meet solvency and liquidity criteria for legal persons established in the Union, whose proprietary rights are owned for more than 50 percent by any entity,” the amendment states.
The amendment applies to Sberbank, VTB, Gazprombank, Vnesheconombank (VEB) and Russian Agricultural Bank (RusAg).
