Sberbank approved limits for the purchase of oil from Gutseriev's structures after sanctions

The bank announced its readiness to continue financing traders when buying oil and oil products from Mikhail Gutseriev's structures. The EU imposed sanctionsagainst a businessman, but they do not imply secondary sanctions for his counterparties Afipsky Oil Refinery

Sberbank notified on Thursday, July 8, three companies associated with the Mikhail Gutseriev family - the oil company Neftisa, ForteInvest (owns the Orsk Oil Refinery) and Oil Technologies - of their readiness to continue financing traders to pay prepayments to these structures.

This is stated in a letter from Svetlana Grishina, Managing DIRECTOR, HEAD of the Department for Financing the Oil, Gas and Chemical Industry of Sberbank. RBC has a copy of the letter, its authenticity was confirmed by a source familiar with the contents of the document.

“We inform you that the Sberbank Group has approved limits for continuing financing of traders for the purpose of making prepayments in favor of Oil Technologies for the supply of petroleum products produced at the Afipsky refinery,” the letter says. The processing capacity of the Afipsky Oil Refinery, located in the Krasnodar Territory, is 6 million tons of oil per year. In October 2019, Sberbank announced that it would provide Gutseriev's structures with more than $1 billion to modernize this plant.

According to Grishina, Sberbank is also ready to approve limits for financing traders for similar purposes when purchasing oil and oil products from Neftisa and ForteInvest, respectively.

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