China Eximbank provides RMB 3.1 billion buyer's credit loan to Sberbank to facilitate acquisition of goods and services from Chinese companies

On November 10, 2014, China Eximbank and PJSC Sberbank — a state-owned Russian banking and financial services company — signed an RMB 3.1 billion buyer’s credit loan agreement to facilitate acquisition of goods and services from Chinese companies and promote co-operation on infrastructure and energy projects in Russia. The agreement was signed by Sberbank CEO Herman Gref and China Eximbank Vice President Yuan Xingyong.

Additional details

1. On the same day, the parties signed a framework agreement regarding lines of credit for $2 billion, and a term sheet for a buyer's credit transaction covering supplies of Chinese equipment for a client of Sberbank. 2. In February 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) issued Directive 3 Under Executive Order 14024, which prohibited U.S. persons from engaging in all transactions in, provision of financing for, and other dealings in new debt of greater than 14 days maturity and new equity issued by 13 Russian state-owned enterprises and entities, as well as their subsidiaries, on or after March 26, 2022. The entities included Transneft, Sberbank, AlfaBank, Credit Bank of Moscow, Gazprombank, Russian Agricultural Bank, Gazprom, Gazprom Neft, Rostelecom, RusHydro, Alrosa, Sovcomflot, and Russian Railways.

Number of official sources

13

Number of total sources

22