Putin allowed Rosbank to buy assets of a French bank

Russian President Vladimir Putin signed a decree opening the way for Rosbank to acquire shares in Russian companies owned by the French financial giant Societe Generale.

Natalia Seliverstova / RIA Novosti

The decree says that Rosbank will be able to buy SocGen’s shares in oil and gas giants Rosneft and Gazprom, metallurgical companies, including Norilsk Nickel and Severstal and others.

It is noted that SocGen’s shares in Russian companies were relatively small, for example, 0.04% in Gazprom and 0.02% in Alrosa (the world’s largest diamond mining company). However, the total value of the assets under consideration is billions of rubles.

As you know, Societe Generale left Russia last year and closed the deal to sell Rosbank to the Interros group of Russian businessman Vladimir Potanin.

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