Tighter US sanctions, which have pushed Russian oil prices down to US$40 a barrel and below, have led to a wave of bankruptcies among small companies in Russia’s main oil producing regions.
Source: The Moscow Times, an independent Amsterdam-based news outlet, citing Russian media outlet Kommersant
Details: The state-owned VTB Bank plans to petition for the insolvency of First Oil, an oil group formerly owned by Yakov Goldovsky, a shareholder in Sibur, Russia’s largest petrochemical company.
Goldovsky’s company, which operates in the Khanty-Mansi Autonomous Okrug – a key Russian oil-producing region – has accumulated around RUB 6 billion (about US$78.2 million) in debt it cannot repay. The company owns several small…