International banks are calling for Russian borrowers to make the most of attractive market conditions and return to the syndicated loan market, as lending to the country has fallen to its lowest level in five years. Russia's syndicated loan market has been in the doldrums since 2014 when the West introduced economic sanctions following the Kremlin's annexation of the Crimea, prompting Russian borrowers to move away from their dependence on international banks and look elsewhere for funding. Depressed lending has also been magnified by the Covid-19 pandemic, a strong bond market and a rise in commodity prices. At US$2.75bn, lending to Russian borrowers up until the end of May is at its lowest level since US$1.56bn during the same period in 2015.
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