Russia's VTB Refutes Reports On Possible Sale Of EN+ Group Shares To China

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Russia's VTB Refutes Reports on Possible Sale of EN+ Group Shares to China

Russia's VTB Bank has disproved the reports on possible acquisition of shares in EN+ Group energy giant by Chinese state-owned companies, the bank's press office told Sputnik on Monday

MOSCOW (UrduPoint News / Sputnik - 09th September, 2019) Russia's VTB Bank has disproved the reports on possible acquisition of shares in EN+ Group energy giant by Chinese state-owned companies, the bank's press office told Sputnik on Monday.

Earlier in the day, the Financial Times newspaper reported, citing sources familiar with the case, that two Chinese state companies had initiate talks with VTB, which owns 21.68 percent of shares in EN+, on potential acquisition of the latter's stakes. The newspaper's sources claimed that the sides expressed "serious interest," albeit without "discussing exact details right now," and that Beijing's interest was driven by environmental concerns in China and ensuing surge for low-carbon industrial production assets.

"This does not correspond the reality. We do not comment on rumors and assumptions which exist on the market," the press office said when asked whether the bank could confirm the reports on VTB's talks with the Chinese companies.

EN+ Group, along with its affiliates Rusal and EuroSibEnergo, faced US sanctions in April 2018. EN+ was cleared in January after the company's founder, business mogul Oleg Deripaska, who had also been blacklisted by the United States over his alleged ties to the Russian government, had his shares reduced below 50 percent.

In June, Russian media reported, citing a communication between Deputy Finance Minister Sergey Storchak and the chairman of the Russian lower house's Committee on Financial Market, Anatoly Aksakov, that Russia and China have concluded an agreement to switch to national currencies in mutual transactions. Three sources close to the Russian Central Bank told the Izvestiya newspaper that VTB Bank and Trade Bank of China would be authorized to carry out such payments.

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