Moscow’s efforts to help out cash-strapped, state-controlled oil company Rosneft appear to have added to pressure on the plummeting rouble and delivered far less support than the firm wanted. Rosneft does not plan to use proceeds from its 11 December rouble bond issue, worth around $10bn at the current exchange rate, to buy foreign currency to repay debt. The cash generated will instead go towards domestic projects, it says. The firm sold 625bn roubles ($10bn) of six and 10-year bonds, with yields below the 12.99pc offered on equivalent Russian government securities.
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