Italian bank Intesa Sanpaolo is expected to provide a large chunk of funds to a consortium of Qatar and commodities trader Glencore to finance their purchase of a stake in the Kremlin oil major Rosneft, two sources familiar with the transaction said.
Russia said on Dec. 7 it had sold a 19.5 percent government stake in Rosneft for 10.5 billion euros ($11.3 billion) to Qatar’s sovereign wealth fund and Glencore.
