Vneshtorgbank (VTB) and the Export-Import Bank of Korea signed a $30-million credit agreement today. Under the agreement, the South Korean bank shall extend a credit line for financing VTB's customers who import South Korean goods. In particular, the agreement envisages carrying out operations on confirming and refinancing letters of credit, issuing guarantees for South Korean exporters and commercial banks, etc.
According to VTB CEO Vladimir Dmitriyev, the agreement expires in 2 years and envisages making a number of short-term contracts during this period. Dmitriyev refused to confide the credit's interest rate, saying only that it was more lucrative than the Russian market's average interest rate. According to him, the sides agreed to sign a larger agreement in the future. The banker also said it was possible that the Russian gas giant Gazprom was interested in purchasing Korean equipment and would be among VTB's customers to use the Korean credit.