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. Last Updated: 07/27/2016

Business in Brief

VEB Changes Lending Rules

Vneshekonombank will require borrowers to put up Russian assets rather than foreign ones as collateral, making it easier to seize them if necessary, sources close to the bank said Monday.

The requirement was not enforced at the beginning of the crisis because companies needed cash urgently, a government official and a debtor of the bank said. (Vedomosti)

Ruble May Float in 2 Years

Russia may float the ruble in two years and should continue currency-market interventions during the transition, Central Bank Chief Sergei Ignatyev told the State Duma Monday.

"Our main goal is a transition to an inflation-targeting regime and [the ruble's] free float," he said. (Reuters)

Tatneft Profit Rises by 25%

Profit rose 25 percent in the first quarter as costs declined and the ruble weakened against the dollar, Tatneft said Monday.

Net income rose to 7.93 billion rubles ($233 million) from 6.34 billion rubles in the first quarter of last year. Revenue fell 33 percent to 73.5 billion rubles after crude oil production slid 2.2 percent and oil prices slumped 54 percent from the year-earlier period. (Bloomberg)

LSR Wins $150M Contract

LSR Group said Monday that it won a contract to sell 4.7 billion rubles ($150 million) of apartments to the Defense Ministry.

The ministry agreed to buy 1,704 apartments with a total area of 106,000 square meters, most of which are "in panel houses currently under development," LSR Group said in a regulatory filing. (Bloomberg)

Slovakia Warns on Gas

BRATISLAVA, Slovakia -- There is a high probability that Russian gas supplies to Europe through Ukraine will be cut again in the first week of July, the prime minister of Slovakia, a gas transit country, said Monday.

Robert Fico said the disruption was likely because it was highly probable that Ukraine would not be able to pay Moscow for June gas deliveries.

Gazprom said shortly after Fico's statement that it was very concerned about low gas storage levels in Ukraine and its ability to pay its gas bills but that it was too early to talk about cutting supplies in July. (Reuters)

Miner Seeks Chinese Partner

Peter Hambro Mining, the country's second-largest gold producer, said it was seeking investment from a Chinese steelmaker to help fund an iron-ore mining and processing project it bought two months ago.

Peter Hambro may offer the partner a minority stake in a venture to develop the K&S and Garinskoye fields, an ore-supply accord, or place orders for Chinese equipment funded by the nation's banks, it said. (Bloomberg)

For the Record

Bank Zenit plans to sell 3 billion rubles ($95.8 million) of bonds on July 7, a banker involved in the deal said. The five-year notes will have a one-year put option and a 15 percent coupon, the banker said. (Bloomberg)

Rosselkhozbank said Monday that it has loaned 180 billion rubles ($5.8 billion) to the "real sector of the economy" so far this year. (Bloomberg)