GAZ Group is remaining tight-lipped surrounding speculation it has requested RUB25bn (US$403m) in guarantees from the Russian State.
Sources in Russia indicate Ministry of Industry and Trade head, Denis Manturov, reportedly said GAZ had asked for the money to be underwritten to aid debt restructuring.
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“We don’t comment this topic,” a GAZ Group spokeswoman told just-auto from Russia. “Russian media writes about it – I have seen this…but we don’t comment.”
Just weeks ago, GAZ Group says it was included on the Russian government’s list of ‘backbone companies,” which have a significant influence on: “GDP formation, employment and social stability,” although it is unclear what benefits this status confers.
Any request for State guarantees comes at a time of enormous economic uncertainty in Russia, with a plunging rouble set amid the political turmoil engulfing the country and the West surrounding The Kremlin’s alleged involvement in Ukraine, a position Moscow contests.
Yesterday (19 February), Russian President, Vladimir Putin telephoned his counterparts in Germany, France and Ukraine, stressing the need for all sides in the conflict to maintain the ceasefire agreed recently in Minsk
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By GlobalDataThe Russian Ministry of Industry and Trade was not immediately available for comment from Moscow.
