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| Rosneft requests $42bn loan from Russian government | Rosneft requests $42bn loan from Russian government |
| (35 minutes later) | |
| Russia's state-controlled energy giant Rosneft has asked the Russian government for a $42bn (£25.2bn) loan, as it feels the impact of Western sanctions. | Russia's state-controlled energy giant Rosneft has asked the Russian government for a $42bn (£25.2bn) loan, as it feels the impact of Western sanctions. |
| The government said it will consider the request from Igor Sechin, head of Rosneft, in the next two weeks. | The government said it will consider the request from Igor Sechin, head of Rosneft, in the next two weeks. |
| Sanctions on Russia have limited Rosneft's ability to raise funds. | Sanctions on Russia have limited Rosneft's ability to raise funds. |
| Rosneft has requested the money from the National Wealth Fund, which finances state pensions. | Rosneft has requested the money from the National Wealth Fund, which finances state pensions. |
| The US imposed sanctions on Rosneft and Novatek, Russia's second-largest gas producer, last month. | The US imposed sanctions on Rosneft and Novatek, Russia's second-largest gas producer, last month. |
| The US and EU have restricted sales of technology to the Russian oil industry. | The US and EU have restricted sales of technology to the Russian oil industry. |
| 'Reassess their self-sufficiency' | |
| Russia's exports are almost all raw materials and about 60% of these are energy products. | Russia's exports are almost all raw materials and about 60% of these are energy products. |
| David Spencer-Percival, chief executive of international energy recruitment firm Spencer Ogden, said: "[This is] the clearest sign yet that the Western sanctions are biting hard. | David Spencer-Percival, chief executive of international energy recruitment firm Spencer Ogden, said: "[This is] the clearest sign yet that the Western sanctions are biting hard. |
| "Given the West's reliance on the Russian energy industry, it is vital governments across Europe reassess their self-sufficiency. This is likely to prompt greater investment in renewable and alternative sources." | "Given the West's reliance on the Russian energy industry, it is vital governments across Europe reassess their self-sufficiency. This is likely to prompt greater investment in renewable and alternative sources." |
| The news was initially reported in Vedomosti, the Russian business daily. The paper quoted a letter from Russian Prime Minister Dmitry Medvedev, in which he asked officials to analyse the data. | |
| Mr Sechin, a close ally of President Putin, said the company needed the money to help it cope with a ban on US credits and loans with a maturity of longer than 90 days, a ban which European banks and investors have also agreed to. | |
| Rosneft has an outstanding debt of $44.5bn (£27bn) following its acquisition of TNK-BP in 2013. | |
| It was this deal that resulted in UK oil company BP taking a hold in Rosneft, in a deal worth $1.5 bn (£1bn). |