The Moscow Times: China Committed to Novatek LNG Project

Chinese investors are committed to financing part of Novatek's $27 billion Russian gas project, ensuring it has sufficient backing despite losing U.S. support because of sanctions, the company said on Wednesday.

Russian corporate bond and loan issuance this year has languished on lenders' concern over becoming caught up in U.S. and EU sanctions imposed on Russian individuals in retaliation for Moscow's annexation of Crimea and support for separatists in eastern Ukraine.

But the scramble for funds is driving businesses to Asia, where cash-rich investors and governments are less critical of the Kremlin's actions.

"You are seeing a swing from where these big debt sources might have been to where they may move," one Moscow-based adviser said. "I think there will be a lot of conversations and travel between Moscow and Beijing — a more open dialogue."
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