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SourceMaterial
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At the start of Russia’s war in Ukraine, Essar owed $3.1 billion to VTB, the Kremlin-controlled Russian bank. Our latest story, with the Guardian, reveals that its response to sanctions on VTB was to shift the loans out of the EU from Cyprus to Mauritius. www.source-material.org/essar-stanlo...

source-material.orgUK oil refiner shifted Russian loans offshore – SourceMaterialEssar shifted billions to tax haven following Ukraine invasion

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SourceMaterial
@source-material.org

The upshot? Essar today owes VTB even more – and authorities in Cyprus are looking closely at whether it broke the rules. Essar says it has complied with all of the applicable sanctions at all times and that it is winding down its VTB relationship [2/2]