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Credit Bank of Moscow’s official position in respect of the recent Bloomberg news article

10.05.2018

Credit Bank of Moscow considers Bloomberg’s recent news article inaccurate and expects a fair evaluation of its operations — out of the context of political tensions and interests of certain banking market players.

Credit Bank of Moscow, being the leader in recent years in international capital markets among all Russian banks, is extremely attentive to sanctions risks, and we are certain that our format of servicing such customers as Rosneft does not carry any risks of breaching any sanctions: CBM provides financing in roubles and for short terms.

The Bank provides actively short-term rouble financing against securities of high-quality Russian issuers. Such deals do not affect the capital and bear effectively no credit risk.

Short-term rouble financing of non-sanctioned parties against Russian issuers’ securities is free of any sanctions risks.

In February 2018 CBM successfully issued Eurobonds through CBOM Finance Plc. The proceeds reached 500 mln dollars and were applied fully to refinance Eurobonds placed in February 2013.

No funds raised from international markets after 2014 have ever been used for lending to any sanctioned companies, and the bank always stated this fact in its Eurobond prospectuses and documents pertaining to its club and bilateral transactions.

More than 95% of Russian issuers use Irish companies to offer their securities for purely economic reasons.

On its focal subject of sanctions, the article uses misleading terms and shows lack of fact checking. The companies mentioned in it face different restrictive measures. The nature of restrictions imposed on Russian companies and individuals is public knowledge.