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. Last Updated: 07/27/2016

Construction Crippled

MOSCOW () -- Construction projects across Russia are being crippled by the government's failure to pay for work it initiated, the nation's construction minister said Thursday.


Minister Yefim Basin told a government presidium that construction firms are now owed 12 trillion rubles ($2.1 billion) by the government and have suffered enormous investment losses because of the nonpayments.


He also said the government is holding talks with the World Bank for a $1 billion World Bank credit.