Oleg Deripaska’s UC Rusal has pledged 25% stakes in its main aluminium subsidiaries to the Russian state as an additional condition to a $4.5bn government bail-out loan, the head of the state-owned bank VEB has revealed. The disclosure highlights the extent of Moscow’s grip on Deripaska’s metals empire as he battles to restructure nearly $17bn in loans from foreign and Russian banks. It had already been revealed that Rusal pledged its 25% stake in Norilsk Nickel, the world’s biggest nickel miner, as collateral to VEB.

This entry was posted by Gwen Robinson on Friday, March 13th, 2009 at 4:54 and is filed under Capital markets, People. Tagged with norilsk nickel, Rusal, VEB. Edit this entry.